Venezuela Expands Internet Restrictions, Blocking Access to Binance’s Web Platform

• Venezuela’s expanded internet restrictions now block access to Binance’s web platform, causing concern among local crypto users.
• Users are turning to VPNs to bypass the restrictions, while the Binance mobile app remains unaffected.
• Crypto leaders in Venezuela advise caution, urging users to consider self-custody of their funds to maintain control.

In a significant escalation of internet control, the Venezuelan government has expanded its restrictions by blocking access to Binance, the world’s largest cryptocurrency exchange by trading volume. 

This action has sparked alarm within the local cryptocurrency community, as Binance has been a critical platform for Venezuelans seeking to safeguard their assets against the country’s ongoing economic challenges.

Impact on the Local Cryptocurrency Community

Venezuelan users who rely on Binance to convert their devalued local currency into stablecoins and other cryptocurrencies have expressed serious concerns over this blockade. 

The restriction primarily affects access to the web platform, though Binance’s mobile application remains operational. Consequently, many users have turned to VPN services to bypass these new restrictions, connecting to servers outside of Venezuela to maintain access to their accounts.

Crypto Leaders Urge Caution and Adaptation

In response to the blockade, Ernesto Contreras, a prominent figure in Venezuela’s cryptocurrency community, advised users to remain calm and take proactive measures. He emphasized the importance of using VPNs that connect to non-U.S.

Locations and suggested that experienced users consider moving their funds into private wallets to retain control over their assets. Contreras framed this situation as a learning opportunity, encouraging users to stay informed and adapt to these new challenges.

Broader Internet Censorship in Venezuela

The enlargement of internet restrictions in Venezuela comes after the controversial presidential election held on July 28. The government’s declaration of Nicolás Maduro’s re-election, despite allegations of widespread irregularities, has provoked countrywide demonstrations. 

To counteract this move by the people, the government has tightened its controls over online communication systems; it is now censoring access to various sites such as X (a social media platform), signal (an encrypted messaging service), and even major cryptocurrency exchanges like Binance.