Binance Delists Banco de Venezuela From P2P Payment Service: What’s Going On?
Binance, the largest cryptocurrency exchange has removed Banco de Venezuela as a payment option in its peer-to-peer services in the country.
Although no official statement has been issued by Binance, the move comes on the back of international sanctions from the United States Treasury Department.
Crypto users in the country have confirmed that the state-run bank is not available for selection in the P2P service option just as was the case for Tinkoff and Sberbank in Russia this week.
Private-owned banks in Venezuela like BBVA Provincial, Banesco, and Banplus are still listed in the P2P service, further pointing to sanctions placed on the government.
Banco de Venezuela remains a top bank in the country holding a dominant 11% of the market share and over $4.1 billion in assets. In 2009, the bank was sold to the state by a private company Grupo Santander for approximately $1 billion.
In 2019, sanctions were meted out to top Venezuelan public servants and affiliated institutions following the government’s role in the repression of the 2014 protest in the country.
Humberto Quevedo, the Vice President of the National Association of Cryptocurrencies (Asonacrip) noted that the bank plays a huge role in the country’s crypto space as a result of the services it provides.
“…was the only Venezuelan public bank enabled for the direct exchange between USD tether (USDT) and bolivars through Binance,” he added.
Crypto enthusiasts in the country have expressed worries over Binance’s latest approach in Latin America as the exchange announced the discontinuation of its debut card secured in the region and the Middle East from Aug. 25.
Binance, which has been under regulatory scrutiny in recent years, is now looking to comply strictly with
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