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Binance, the global cryptocurrency exchange giant, has removed Banco de Venezuela, one of the country's premier financial entities, from its peer-to-peer (P2P) trading services following a series of similar moves targeting non-compliant banks.
Binance got rid of Banco de Venezuela for P2P payments even if this institution is one of the most used banks in the region. It ranks third in the domestic financial sector with an 11% market share.
According to CoinTelegraph, modifying Binance payment options follows similar moves with several Russian banks sanctioned last week. Reports state that this must be part of the company's efforts to conform with international financial sanctions. The crypto firm is trying to avoid being involved in any possible penalties in the future.
At any rate, local users in Venezuela first observed the absence of Banco de Venezuela from Binance's P2P payments. They said the bank disappeared from the platform this week after several ejections involving Russian banks.
Users of Binance's P2P services in Venezuela can no longer opt for the Banco de Venezuela as a payment method. Bein Crypto reported that other private banks, including most mobile payments, are still available as an alternative to Banco de Venezuela.
Meanwhile, it was mentioned that a group on Telegram with the username "Binance en Español" reportedly confirmed that the move to remove the Venezuelan bank from Binance's P2P service was due to a push to guarantee compliance with local and international regulatory standards.
The account is reportedly managed by "Angeles de Binance" brand ambassadors. They provide information on Binance accounts, which they handle like the Banco de Venezuela.
"Payment methods on the platform that do not conform to their compliance policies will no longer be available," the group allegedly said through the cloud-based and centralized instant messaging platform. With the statement given, the group clearly states that Banco de Venezuela does not abide by its compliance guidelines.
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