- CANTV, Venezuela’s state-owned internet provider, has blocked access to Binance.
- Thousands of Venezuelans can no longer access their cryptocurrency savings and P2P markets.
- The block follows broader government efforts to restrict access to certain online platforms amid political tensions.
- Binance assures users that their funds are safe but faces challenges in resolving access issues.
The internet provider CANTV has blocked Binance, including Binance’s P2P cryptocurrency trading.
Government control over digital platforms is increasing, dramatically impacting Venezuela’s crypto community and even regular citizens.
The Scale of CANTV’s Binance Block
CANTV is the largest state-owned internet provider in Venezuela.
In continuation of the government’s policy of tightening cryptocurrency control, it has blocked access to Binance, affecting thousands of cryptocurrency users in Venezuela.
CANTV has restricted access not only to the platform itself but also to certain types of traffic that could potentially help bypass the block, specifically P2P.
Binance explained this in emails sent to its users in Venezuela:
“Like several websites of companies from different segments in Venezuela, including social networks, Binance pages have been facing access restrictions.”
Binance also added that users should not equate the ban on access to the platform with a threat to their funds on it:
“We want to assure you that your funds are SAFE under our robust security protocols.”
CANTV Event Impact Goes Broader
Overall, this is part of the Venezuelan government’s broader policy of censorship, which also affects X, Signal, and Reddit.
In the case of Binance, this is more critical for citizens because the unstable political situation has also led to severe economic downturns and hyperinflation, and cryptocurrencies help citizens cope with this.
However, the current political apparatus does not seem to appreciate this, and political instability shows no signs of abating. By some opinions, President Nicolás Maduro is accused by some sources of manipulating the electoral process, further intensifying the political situation. This policy of tightening control over digital currencies is one method of increasing control over citizens, which would be very relevant in such a political situation with growing dissent.
Conclusion
Venezuela’s decision to block access to one of the world’s largest cryptocurrency exchanges is a very influential step and may appear quite reasonable from their perspective.
We will be closely watching to see if actions are taken to restore freedom and security of assets for Venezuelan citizens or if they are forced to seek alternatives.
