Binance, the world's largest cryptocurrency exchange, has taken steps to remove Venezuelan banks from its peer-to-peer (P2P) trading service, following a similar move involving sanctioned Russian banks. This appears to be a part of Binance's efforts to align with international financial sanctions regulations.
Following a series of actions against Russian banks, Venezuelan banks have now disappeared from the P2P payment options on Binance's platform. The decision comes after a report by the Wall Street Journal on August 24th highlighted Binance's role in surrounding international al financial sanctions.
Among the Venezuelan banks affected is Banque de Venezuela, which was once one of the country's largest financial institutions. It was sold to the state in 2009 after holding a significant local market share. The US Treasury Department had imposed sanctions on Venezuelan government officials and affiliates in response to crackdowns on protests in previous years.
It was recently brought to attention that Binance included sanctioned banks as payment options for crypto P2P transactions, prompting the removal of Tinkoff Bank and Sberbank after the Wall Street Journal's report. Following suit, other exchanges such as OKX and Bybit Al so eliminated sanctioned Russian banks from their payment choices.
