- Venezuelan President Nicolás Maduro won the election by a narrow margin, triggering nationwide protests.
- In response to the protests, the government blocked Internet access across the country, affecting platforms like Binance, X, and Signal.
- The ban might have serious implications for Venezuelans who relied on Binance as a lifeline against hyperinflation.
On August 9, Venezuela restricted access to the Internet amid nationwide priests over election results. The block also affected the world’s largest crypto exchange, Binance, hindering Venezuelans from trading on the platform.
Maduro Wins by a Slim Majority
This year, over half of the world’s population goes to the polls to vote for a president, including citizens of Venezuela.
The opposition questioned the election’s legitimacy and accused Maduro of fraud. In response, the Venezuelan government cracked down on political figures and citizens challenging the election outcome.
In a public spat between Maduro and Elon Musk preceding the ban, both accepted the challenge to fight each other, with Musk promising to ‘carry Maduro to Gitmo on a donkey.’
Other affected platforms include the popular messenger app Signal and e-commerce websites like MercadoLibre.
Binance Block Devastates Venezuelans
Hyperinflation created a desperate demand for US dollars as a stable store of value. Crypto exchanges like Binance addressed this shortfall, allowing Venezuelans to convert bolivar for stablecoins and Bitcoin ($BTC).
Binance confirmed the block on its X account and assured users their funds remain safe. The exchange is monitoring the situation and strives to resolve it as quickly as possible.
Closing Remarks
The ongoing Binance ban highlights the dilemma of crypto regulations: how to control an inherently decentralized industry that operates largely outside traditional financial and political systems.
As we watch post-election protests in Venezuela unfold, one thing is certain – an outright ban isn’t the answer to earning public trust.
References
- Venezuelan Censorship Hits Binance Amid Post-Election Unrest (Forbes)
- Binance Latinoamerica (X)
- Elon Musk (X)
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Lora Pance Crypto & Tech Content Writer 
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