Binance Drops Banco De Venezuela From P2P Payments
The biggest cryptocurrency exchange in the world, Binance, has eliminated the Banco de Venezuela payment option from its peer-to-peer (P2P) trading platform. This is presumably an effort to comply with international banking penalties and follows similar actions last week involving Russian institutions that were subject to sanctions.
Users from Venezuela claim that Banco de Venezuela has disappeared from the P2P payment choices this week, following a string of similar removals by Binance of Russian banks. The Wall Street Journal article from August 24 revealing the exchange’s involvement in evading international banking penalties is clearly the driving force behind this action.
Banco de Venezuela, a major financial institution in Venezuela, held a 11% share of the local market in the 2000s. In 2009, it was sold to the state for $1 billion by Grupo Santander. In 2018, the US Treasury Department imposed sanctions on Venezuelan government officials and affiliated institutions in response to the 2014 and 2017 protests.
(With inputs from Shikha Singh)
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