Venezuela Blocks Access to Binance Amid Massive Inflation and Civil Unrest

Access to Binance has been blocked in Venezuela amid civil unrest and massive inflation following the South American country’s controversial presidential election last month.

Binance, the top global crypto exchange by volume, took to the social media platform X on Saturday to assure Venezuelan customers that their funds are safe.

Buy physical gold and silver online

“Like several websites of companies from different segments in Venezuela, including social networks, Binance pages have been facing access restrictions.

We want to assure you that your funds are SAFU (secure asset funds for users) under our robust security protocols. 

We understand the inconvenience and concern this situation may cause. We are monitoring the situation closely to address it in the best and quickest way possible.”

VE sin Filtro, a non-governmental organization (NGO), first reported a DNS block on Binance on Friday.

Civil unrest has swept through Venezuela since the National Electoral Council declared Nicolás Maduro, the country’s authoritarian president, the winner of the July election.

The White House has cast doubt on the results, with National Security Council (NSC) Spokesperson Adrienne Watson saying there are “clear signs” that the election results don’t reflect the will of the Venezuelan people.

“We continue to call for Venezuela’s electoral authorities to release full, transparent, and detailed voting results, including by polling station.”

On top of civil unrest, Venezuela is also witnessing massive inflation rates. According to the German data-gathering platform Statista, the country is projected to experience 150% inflation next year.

In comparison, US inflation is hovering at around 3%.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Venezuela Blocks Access to Binance Amid Massive Inflation and Civil Unrest appeared first on The Daily Hodl.

About the author

Why invest in physical gold and silver?
文 » A