Venezuela officially blocked access to Binance, one of the largest P2P markets in the country, after banning other platforms like Reddit, Signal, and X.Why it matters:
Crypto accounted for 9% of the country's $5.4bn remittances in 2023 Majority of crypto transactions are with stablecoins When Binance opened its P2P services in 2020, another P2P platform, LocalBitcoins, saw 500 BTC moved weekly. Venezuelan government tried to use USDT to curb U.S. sanctions, resulting in Tether freezing 41 suspected linked wallets Venezuela's inflation hit 193% in 2023AltCoin. TM
