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Binance removes Banco de Venezuela from P2P payment options.

Binance, the world’s largest cryptocurrency exchange, has recently removed Banco de Venezuela as a payment option on its peer-to-peer (P2P) trading service.

This decision comes after Binance took similar actions last week with sanctioned Russian banks,

and it is likely a response to international financial sanctions.

Venezuelan users have reported that Banco de Venezuela is no longer available as a P2P payment option this week,

following the removal of Russian banks by Binance.

This move appears to be in response to a Wall Street Journal report published on August 24,

which highlighted Binance’s alleged involvement in circumventing international financial sanctions.

Banco de Venezuela is one of the country’s largest financial institutions, holding a significant market share.

It was sold to the state by Grupo Santander, a private holding company, in 2009.

The United States Treasury Department imposed sanctions on Venezuelan government officials and affiliated institutions in 2018 and 2019 in response to the repression of the 2014 and 2017 protests.

Venezuelan media reports indicate that certain private banks in Venezuela, including Banesco, Banplus, BBVA Provincial, and others,

are still available as payment options on Binance’s P2P platform.

The issue of sanctioned banks being listed as transfer methods on crypto P2P payment options gained significant attention recently.

The Wall Street Journal brought this to light when it revealed that Tinkoff Bank and Sberbank were featured on Binance.

However, on the same day, these banks disappeared from the visible options on the Binance P2P platform, although their representative brand colors of “yellow” and “green” remained.

A spokesperson from Binance confirmed on August 25 that the sanctioned banks had been completely removed from the list.

Following Binance’s actions, on August 28, two other major cryptocurrency exchanges, OKX and Bybit, also excluded sanctioned Russian banks from their payment options.

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