Binance P2P Removes Support for Venezuela’s Most Popular Bank

    As of Monday, users on social networks have reported that they can no longer find the Banco de Venezuela option on the Binance peer-to-peer (P2P) app. This bank is owned and operated by the Venezuelan government and is the most commonly used financial institution in the nation.

    Binance has yet to disclose the motivations behind its decision to discontinue Banco de Venezuela as a P2P payment option, citing only that it remains compliant with relevant local and international regulatory frameworks.

    Binance Users Can No Longer Use Banco De Venezuela

    Currently, Binance Venezuela P2P users cannot use Banco de Venezuela as a payment procedure. Other personalized banks, such as the enabled moveable payment service, carryon to exist, but no longer Banco de Venezuela. As per the Binance en Español group on Telegram, coped by the “Angeles de Binance”(Binance Angels) sign ambassadors, the data they deal with about the Banco de Venezuela matter is because of a campaign to “guarantee compliance with local regulatory standards and international.”

    In the remainder of the statement, it is mentioned that only payment methods that align with their strict compliance policies will continue to be available on the platform. By enforcing this, they prioritize Banco de Venezuela’s adherence to compliance standards.

    It has been suggested by some that this decision could be linked to the US sanctions on the Venezuelan government.

    Avoid Using Banco de Venezuela on Binance P2P Exchanges

    Binance has not provided notification to its users regarding the aforementioned modification. As Binance P2P permits the utilization of Interbank Mobile Payment and transfers from specific banks, without the need to select a particular one, it is plausible for users to continue operating with Banco de Venezuela on the platform using these options. 

    However, the Binance Angels advise against utilizing any form of payment with Banco de Venezuela as it is not authorized on the platform. This recommendation is due to the fact that Binance P2P is unable to intervene in the event of payment-related issues. Even users who have reached out to Binance P2P support on social media have reported that customer support strongly discourages the use of Banco de Venezuela in any capacity, as it may result in the suspension of their Binance account.

    P2P Suspension in Russia

    Earlier this week, Binance and Bybit suspended peer-to-peer transactions for five Russian banks that have been sanctioned. This decision was made in response to a report that suggested the exchange was not complying with international sanctions. 

    Furthermore, Binance has suspended its cryptocurrency card for Argentina and the rest of Latin America as of August 23rd. This development has arisen due to the SEC lawsuit, which has complicated Binance’s global operations.

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