Venezuela Puts Censorship on Binance over Election Dispute

• Venezuela restricted access to several websites, such as Binance, Signal, and MercadoLibre.
• Nicolas Maduro gave X (formerly Twitter) a 10-day ban after a public spat with Elon Musk.
• Binance’s internet restriction heavily affected crypto users from using P2 exchange operations.

Following the presidential election results on July 28, Venezuela has imposed a nationwide restriction of Internet access to several websites, including Binance. The government of Venezuela censored access to the cryptocurrency exchange platform through their Internet Service Provider (ISP) CANTV. Additionally, Maduro called for a ban on the social media platform X (formerly Twitter), for 10 days, following a spat with Elon Musk. 

The news came to light on August 9, when the block was identified by the Venezuelan cybersecurity organization VE sin Filtro. In a post on X, the firm stated that it detected the DNS blockage on Binance’s webpage, affecting its website and mobile application. 

This move was initiated following the social unrest after the presidential elections on July 28. Nicolas Maduro, the newly elected president, was accused of winning the election without substantial proof. However, the opposition party provided a detailed report of their leader, Edmundo Gonzalez, winning the results. The uncertainty of the results created a public uproar. 

To curb the situation, the authorities restricted internet access to several websites, including Signal, MercadoLibre, and Binance. However, the Latin America division of Binance posted an official statement through X on 11th August, assuring the users that their funds are safe. “Like several websites of companies from different segments in Venezuela, including social networks, Binance pages have been facing access restrictions,” the thread stated.

Binance – the world’s largest cryptocurrency exchange – has several users in Venezuela. The peer-to-peer (P2P) exchange operations are popular in the country, as they help the residents exchange their cryptocurrencies for cash to combat inflation. 

During the time of the blockade, no additional information was provided at the end of Binance other than an official statement. At the time of publication, BNB experienced a 0.07% decline in the last 24 hours and a 0.06% in the last 7 days. However, considering the results of the past 30 days, Binance has increased by 0.07%.