The Venezuelan government has restricted access to the cryptocurrency exchange Binance amidst the unrest that erupted following the elections. This decision has raised concerns among users who have been actively using the platform to protect their savings from rapidly rising inflation.
The Binance P2P service, which is highly popular in the country, allows locals to exchange fiat money for cryptocurrency. For many, this is the only way to preserve the value of their funds in the face of economic instability.
Binance has assured that users’ funds remain safe despite the blockage. The company also stated that it is “closely monitoring the situation and is working to resolve it as quickly and effectively as possible.” Meanwhile, users in Venezuela are hopeful for the swift restoration of access to the platform, which has become an essential tool in their financial lives.
