As of Monday, Binance peer-to-peer (P2P) users have reported on social networks that they can no longer find the Banco de Venezuela option on the app. The bank is a Venezuelan government bank and is the most widely used bank in the country.
As of writing, Binance has not revealed the reasons for removing Banco de Venezuela as a P2P payment option. They only report that they “adhere to compliance with local and international regulatory standards.”
Binance Users Can No Longer Use Banco De Venezuela
Currently, Binance Venezuela P2P users cannot use Banco de Venezuela as a payment method. Other private banks, including the enabled mobile payment service, continue to exist, but no longer Banco de Venezuela.
According to the Binance en Español group on Telegram, managed by the “Angeles de Binance” (Binance Angels) brand ambassadors, the information they handle about the Banco de Venezuela case is due to a campaign to “guarantee compliance with local regulatory standards and international.”
In the rest of the statement, they state, “Payment methods on the platform that do not conform to their compliance policies will no longer be available.” With this statement, they ensure that Banco de Venezuela does not comply with its compliance policies.
Some claim that this could be related to the US sanctions on the Venezuelan government.
Avoid Using Banco de Venezuela on Binance P2P Exchanges
Binance has not alerted users about the change. Since Binance P2P allows the use of Interbank Mobile Payment and transfers from specific banks, without selecting one in particular, with these options they could continue to operate with Banco de Venezuela on the platform.
Given this, the Binance Angels recommend avoiding any form of payment with Banco de Venezuela because it is not enabled on the platform. The recommendation comes as Binance P2P cannot mediate if users face problems during payment.
Even users on social networks who have contacted Binance P2P support have shown how customer support urges them not to use Banco de Venezuela in any way, since it could lead to the suspension of their Binance account.
P2P Suspension in Russia
Just this week, Binance and Bybit suspended P2P transactions for five sanctioned Russian banks. This move was a reaction to a report claiming that the exchange was not adhering to international sanctions.
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