Binance Omits Banco de Venezuela for Its P2P Payment Project

Binance, the world’s biggest crypto exchange, has recently eliminated Banco de Venezuela from its P2P trading project. This development takes place following analogous moves related to the sanctioned banks in Russia in the previous week. It is included in the endeavors related to worldwide financial sanctions.

Binance Excludes Banco de Venezuela from P2P Payment Project

As per the consumers in Venezuela, the crypto exchange removed Banco de Venezuela from its peer-to-peer options related to payments. Before this development, the crypto exchange had carried out a series of similar exclusions of banks in Russia. The clear reason at the back is the report that the Wall Street Journal published on the 24th of August.

In that report, the news outlet discussed the crypto exchange’s alleged involvement in dodging worldwide financial sanctions. The place of Banco de Venezuela is among the biggest financial entities operating within the country’s jurisdiction.

As per the existing statistics from the decade 2000’s end, it remained effective in getting 3rd position. It possesses nearly eleven percent of the local market’s share.

Also Read: Binance to Stop Crypto Debit Cards in Middle East and Latin America

Back in the year 2009, a private holding firm named Grupo Santander sold it to the state for up to $1B. The sanctions in reaction to the domination of the protests of 2017 and 2014 were imposed on the government officials of Venezuela.

They also targeted the affiliated organizations by the US Treasury Department back in the years 2018 as well as 2019.

Crypto Exchange Has already Cut off Connections with Many Sanctioned Russian Platforms

According to the media reports, private banking institutions like BBVA Provincial, Banplus, and Benesco are currently present among the P2P-focused payment options. However, the crypto exchange cut its ties with Sberbank and Tinkoff Bank recently.

The journalists assured on the 25th of August that Binance had completely removed sanctioned banking institutions from the list.