new users from $#Venezuela has been a complex issue, but the activity of Binance P2P (Peer-to-Peer) has offered Venezuelans a channel to buy and sell cryptocurrencies (such as USDT, Bitcoin, etc.) using bolivars through local bank transfers.
Here is a summary of the situation:
* Elimination of Currency Control (From
* Legality and Regulation:
* Venezuela has a general legal framework for cryptoassets (such as the "Constitutional Law on the Venezuelan Cryptoasset System" and associated regulations).
* Binance P2P operates as a decentralized market where users interact directly. The specific legality of these P2P transactions in the context of currency regulations has been a gray area, but it has become a widespread practice.
* It is important to note that the use of cryptocurrencies is permitted in the country.
* Operation of Binance P2P in Venezuela:
* Venezuelan users use bank transfers and mobile payments to carry out transactions in bolivars (VES), with the latter being the most
#popular * Some Venezuelan banks (such as Banco de Venezuela) have been removed from the list of direct payment methods on the P2P platform on certain occasions, but other private banks continue to be used.
* The P2P allows users to bypass, in practice, any currency restrictions that may exist, by offering an exchange rate determined by supply and demand among peers.
* Recommendations:
* If you use Binance P2P, it is crucial to do so with verified merchants for greater security.
* Make sure to understand the verification and cryptocurrency release procedures to avoid scams.
* Consider the limits and internal regulations of your own bank regarding the volume of transactions you handle, as banking authorities may request justifications for large money movements.