Venezuela: blocked the crypto-exchange Binance due to dispute over presidential elections

In Venezuela, the crypto-exchange Binance, and other platforms like X by Elon Musk, have been blocked following the dispute over the presidential elections. 

Venezuela and the blocking of the crypto-exchange Binance due to the presidential elections

Starting from last weekend, there has been panic for the crypto-community in Venezuela. The famous crypto-exchange Binance revealed that some pages of its website have undergone access restrictions and may be blocked.

At the same time, however, Binance assures its Venezuelan users that their funds are safe, thanks to the security protocols of the crypto-exchange. 

“Dear Binancians, like many corporate websites from different segments in Venezuela, including social networks, Binance pages have faced access restrictions. We want to assure you that your funds are safe thanks to our robust security protocols. We understand the inconveniences and concerns that this situation may cause. We are closely monitoring the situation to address it in the best and quickest way possible. Best regards, The Binance team”

Together with Binance, the current President of Venezuela, Nicolas Maduro has blocked access to other platforms as well, such as X by Elon Musk. 

Behind this anti-technological move, there is his response to the contestation of the presidential election results, which took place last July 28. 

In fact, both Maduro and his rival Edmundo González have both claimed victory. On one hand, according to the country’s electoral authority, Maduro would have emerged victorious with just over 51% of the votes. On the other hand, González stated that the records from the electoral machines collected by his party showed that he had won with almost 70% of the votes.

Venezuela: the DNS block on the crypto-exchange Binance as a response to the election disputes

Going into more detail, it seems that Binance has suffered a DNS block. This is stated by the local anti-censorship organization VE sin Filtro through a post on X:

Nel mondo della finanza, i termini “bull” e “bear” sono comunemente usati per descrivere le tendenze del mercato. Un mercato “bull” è caratterizzato da un aumento dei prezzi delle azioni, mentre un mercato “bear” è caratterizzato da una diminuzione dei prezzi delle azioni. Gli investitori spesso cercano di prevedere se il mercato sarà “bull” o “bear” per prendere decisioni informate sui loro investimenti.

“Binance blocked on CANTV. This evening we detected a DNS block for the cryptocurrency exchange @Binance that affects the normal functioning of the website and the mobile app. The block was first detected at 8:15 PM today #9August.”

The same VE sin Filtro has advised Venezuelans to use a virtual private network, or VPN, to bypass the block.

At the same time, however, this decision by Maduro follows his televised speech, also reported on X, in which the protagonist of the dispute over the presidential elections in Venezuela is none other than Elon Musk. 

“Out X for the #10Days of Venezuela! In our country, there are Constitution, Law, Institutions, and State. 10 days to present the documents. Enough with the online plans to sow violence, hatred, and attack #Venezuela from abroad. The Venezuelan people deserve respect.”

From that moment, the telecommunications regulatory body Conatel in Venezuela activated the block of access to X for ten days. 

Not only that, from what has emerged, among the other platforms blocked in Venezuela, there is also the encrypted messaging app Signal. 

The ban on crypto mining

Last May, the government of Venezuela decided to ban crypto mining, with the aim of protecting the national power grid. 

According to what was said by the Ministry, Venezuela needs to offer an efficient and reliable electric service to its population, thus eliminating the pressure caused by mining activity, which turns out to be high energy consumption. 

This move follows a series of crackdowns that have also led to the confiscation of 2000 mining devices in the city of Maracay.