Crypto News – Binance and X Restricted in Venezuela as Presidential Election Results Face Backlash

Crypto News – Binance and X Access Restricted in Venezuela After Controversial Election Results

Crypto News – The Venezuelan government has recently imposed restrictions on several online platforms, including the cryptocurrency exchange Binance and the social media platform X, amidst ongoing unrest following contested presidential election results. On August 9, local anti-censorship organization VE sin Filtro reported that Binance was experiencing a DNS block, which has affected the normal operation of its website and mobile application. The block comes as part of a broader crackdown on digital platforms in Venezuela.

Government Actions and Public Response

The block on Binance’s services aligns with a broader effort by the Venezuelan government to control the flow of information and manage public dissent. According to a post on Binance’s Latin American-focused X account on August 10, the exchange has assured users that their funds are safe and that it is closely monitoring the situation to address the issue swiftly. The peer-to-peer trading service offered by Binance, which allows Venezuelans to exchange cash for cryptocurrency, is especially popular due to the local economic crisis and hyperinflation of the Venezuelan bolívar.

Political Context and Media Restrictions

The access restrictions follow Venezuelan President Nicolas Maduro’s announcement on August 8 that he had ordered the telecom regulator Conatel to block access to X for ten days. This move appears to be part of a broader effort to curb dissent and control the narrative around the disputed election. Maduro and X owner Elon Musk have recently been involved in a public spat, adding to the tensions.

In addition to Binance, the encrypted messaging app Signal was also blocked on the same day, although it remains operational with censorship circumvention settings enabled, as reported by the internet monitoring project NetBlocks.

Election Controversy and International Reaction

The election controversy began after the July 28 presidential elections, where both Maduro and his rival Edmundo González claimed victory. The government-controlled electoral authority declared Maduro the winner with just over 51% of the vote without providing a detailed vote count. González contested the results, alleging that his party’s data showed he had won nearly 70% of the vote. The election has faced significant international scrutiny, with the United States, the European Union, the United Kingdom, and multiple South American countries refusing to recognize Maduro’s presidency and calling for a detailed vote count.

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