April 19, 2024
Latest Cryptocurrency News

Binance Removes Banco de Venezuela as Payment Method Amidst Global Sanctions Scrutiny

Binance, the world’s largest cryptocurrency exchange, has taken Banco de Venezuela off its list of accepted payment methods for its peer-to-peer (P2P) trading service. This move mirrors similar actions taken against sanctioned Russian banks the previous week and appears to be part of an effort to align with international financial sanctions.

According to reports from Venezuelan users, Banco de Venezuela disappeared from the P2P payment options this week, following the removal of Russian banks by Binance. The primary motivation behind this decision appears to be the August 24th report in the Wall Street Journal, which revealed the exchange’s involvement in evading international financial sanctions.

Banco de Venezuela is among the country’s largest financial institutions, holding the third position with over an 11% share of the local market, according to data available from the late 2000s. In 2009, it was acquired by the state from a private holding company, Grupo Santander, for approximately $1 billion. Sanctions were imposed on Venezuelan government officials and affiliated entities by the United States Treasury Department in 2018 and 2019 in response to the suppression of protests in 2014 and 2017.

Local media reports indicate that private Venezuelan banks such as Banesco, Banplus, BBVA Provincial, and others are still available as payment options on Binance’s P2P platform.

The recent awareness about the inclusion of sanctioned banks in crypto P2P payment methods came to the forefront when the Wall Street Journal revealed last week that Tinkoff Bank and Sberbank were listed as transfer options on Binance. However, on the same day, Tinkoff and Sberbank disappeared from Binance’s P2P platform, although the options were still color-coded in “yellow” and “green,” representing their respective brands. On August 25th, it was confirmed by Binance’s spokesperson that the sanctioned banks had been completely removed from the list.

On August 28th, two other major crypto exchanges, OKX and ByBit, followed Binance’s lead by excluding sanctioned Russian banks from their payment options.

Image By Sketchepedia

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