Access to Binance has been blocked in Venezuela due to civil unrest and massive inflation following the South American country’s controversial presidential elections last month.
Binance, the largest global crypto exchange by volume, took to social media platform X on Saturday to assure Venezuelan customers that their money is safe.
“Like several websites of companies from different segments in Venezuela, including social networks, Binance pages have faced access restrictions.
We want to assure you that your money is SAFU (secure asset funds for users) under our robust security protocols.
We understand the inconvenience and concerns this situation may cause. We are closely monitoring the situation to address it as best and quickly as possible.”
VE sin Filtro, a non-governmental organization (NGO), first reported a DNS block on Binance on Friday.
There has been civil unrest in Venezuela since the National Electoral Council declared Nicolás Maduro, the country’s authoritarian president, the winner of July’s elections.
The White House has questioned the results. National Security Council (NSC) spokesperson Adrienne Watson said there are “clear signs” that the election results do not reflect the will of the Venezuelan people.
“We continue to call on Venezuelan election authorities to release full, transparent and detailed voting results, including by polling station.”
In addition to the civil unrest, Venezuela is also witnessing massive inflation rates. According to German data collection platform Statista, the country is expected to experience 150% inflation next year.
By comparison, US inflation hovers around 3%.
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Generated image: Midjourney
