Venezuelan government blocks access to the cryptocurrency exchange Binance and social media platform X

The Venezuelan government has recently blocked access to the cryptocurrency exchange Binance and the social media platform X.

This action comes amid protests over disputed presidential election results.

The 2024 Venezuelan presidential election has led to controversy and a political standoff. Nicolás Maduro was declared the winner by the National Electoral Council, claiming a narrow victory with about 51% of the vote.

The numbers that appear to portray Maduro as the winner are statistically improbable. 

However, the opposition and numerous international observers have challenged the legitimacy of the election, citing widespread irregularities, voter suppression, and manipulation of results.

Edmundo González, the main opposition candidate, had been leading in several pre-election polls and claimed victory based on internal exit polls. The opposition argues that the election was rigged to ensure Maduro's continued rule, despite clear signs of popular support for change.

Venezuela's National Telecommunications Commission (Conatel) appears to have restricted access to Binance.

The block on Binance could be due to various reasons, such as the government's attempt to curb the usage of cryptocurrencies, which can undermine the local currency and evade state-controlled financial systems.

Cryptocurrencies are often used in Venezuela as a hedge against hyperinflation and economic instability, making this block particularly significant for the population.

The block was detected by the local anti-censorship organization VE sin Filtro, which noted a DNS block affecting the normal operation of Binance’s website and mobile application.

Binance has assured its users that their funds are safe and it is monitoring the situation closely to address it in the best and quickest way possible.

Elon Musk on X: "I’m coming for you Maduro! 🚀💣 I will carry you to Gitmo on a donkey 🫏" 

Venezuelan government’s block on Binance coincided with a 10-day ban on X ordered by Venezuelan President Nicolás Maduro following a public spat with X owner Elon Musk.

Elon Musk on X: "Good" 

Maduro blocked X platform on August 8, 2024 and blocked Binance on August 9.

The block on X can be related to the government's ongoing efforts to limit freedom of speech and control the narrative within the country.

X has been a platform for political dissent, organizing protests, and sharing information that might be critical of the government.

By blocking X, the government can limit the spread of information and suppress opposition voices.

Venezuelans are recommended to use a virtual private network (VPN) to bypass these restrictions. The situation remains fluid, and it’s unclear if the block will extend beyond the initial 10 days for X or how long Binance will be affected.