KEY POINTS
- Maduro order the 10-day ban on X following an online war of words with Elon Musk
- Binance LATAM reported Saturday that some of its pages faced 'access restrictions' in Venezuela
- The 'block' on Binance has been called an 'unprecedented escalation of state violence and censorship'
Venezuela's Nicolás Maduro ordered the restriction of access to X in the country for 10 days as many people voiced doubts about his victory in the Venezuelan presidential election late last month. So, why are Binance users angry?
How it started
In his announcement of the 10-day ban, Maduro attacked X owner Elon Musk after alleging that his opponents used the social media platform to stir unrest among the public over the election's results.
The tech titan has vocally expressed support for Venezuelan opposition leader Marina Corina Machado. Before the election, Musk urged the Venezuelan people to "have the chance for a better future" by voting for Corina.
Following the election, Maduro accused Musk of being "obsessed with the idea of taking over Venezuela and ruling it from abroad." Maduro announced the X ban on Friday.
Binance LATAM announces 'access restrictions'
Binance's Latin America office Saturday announced that "Binance pages have been facing access restrictions" in Venezuela. It noted that all user funds are safe and that it understands user concerns regarding the restriction issues. It said it was monitoring the situation closely.
Estimados Binancians,
— Binance Latinoamérica (@BinanceLATAM) August 10, 2024
Al igual que varios sitios web de empresas de diferentes segmentos en Venezuela, incluidas las redes sociales, las páginas de Binance han estado enfrentando restricciones de acceso.
Queremos asegurarles que sus fondos están SAFU bajo nuestros robustos…
Users erupt over Binance 'ban'
"What did Binance do to Maduro to make him do this?" one user asked, as per a Google translation. Many asked for assistance on how they can access their Binance accounts. Some suggested using a VPN (virtual private network), which encrypts internet traffic and routes it through a different server.
Several users urged Binance to provide "alternative solutions" to the restriction problems. "Binance should operate differently from traditional banking and support the safekeeping of value in the crypto system," the user said.
Crypto YouTuber @JohnN5c said the country is headed toward "policies of harassment and theft by the state" now that Maduro has "blocked access to Binance and other websites.
Bitcoiner Juan Blanco Bracamonte noted how the crypto exchange giant has helped Venezuelans send remittances overseas "among other things" and lamented the "excitement" of some over Binance's access issues in the country.
Forbes contributor Javier Bastardo called Venezuela's move of "blocking" Binance "an unprecedented escalation of state violence and censorship."
👀🚨In an unprecedented escalation of state violence and censorship, Nicolás Maduro ordered the blocking of @Binance through public internet services in Venezuela 🇻🇪
— Javier ₿astardo🍐🏴☠️ (@criptobastardo) August 10, 2024
Is this what winning an election looks like??
My latest for @Forbes pic.twitter.com/507XQRI8Q5
Maduro's crypto stance
Binance's issues in Venezuela may come as a surprise to some since Maduro has promoted crypto adoption in the country. He even backed the development of the controversial Ethereum-based Petro token, which launched in 2018, and planned for the cryptocurrency to be linked to national ID cards.
However, the local crypto industry has been struggling in recent years following the anti-corruption probe that led to the early 2023 arrest of 21 businesspeople and officials over an alleged crypto-related oil scheme.
Fake news?
A few users who claimed to be in Venezuela said they had no problems accessing both the Binance website and the app. "Stop spreading things that are not true," one user said, claiming to be using the app from within the country.
The Venezuelan government has yet to comment on the Binance-related restriction issues following Maduro's X ban announcement. Binance has yet to provide an update regarding the matter.
Notably, Binance is faced with multiple legal battles worldwide, including in Nigeria. It was recently banned by the Philippine U.S. Securities and Exchange Commission.
