Sunacrip, the Venezuelan cryptocurrency watchdog, has suspended the operating licenses of two exchanges for non-compliance with current regulations. The announcement was made by Joselit Ramirez, Superintendent of Sunacrip, who also mentioned institution-approved exchanges, leaving some big names like Binance off the list.
Sunacrip strengthens compliance requirements for trading in Venezuela
Sunacrip, the institution in charge of regulating all things crypto in Venezuela, announced that it revoked the trading licenses of two exchanges on January 26. The superintendent of the organization, Joselit Ramirez, made the announcement via Twitter, stating:
WE INFORM all our users that two general operating licenses of the exchange houses Criptomundo and Cave Blockchain have been REVOKED, for non-compliance with the rules established by Sunacrip to operate in our country.
Although Ramirez did not disclose specific reasons for revoking those licenses, he did mention all exchanges which were still authorized by Sunacrip to carry out foreign exchange transactions in the country. These include Criptoactivos Amberes Coin, Asesoría Financiera IO, Criptoex, Criptoven Trade, Digital Factoring, Venecrip, and the government-run Patria platform.
Other exchanges authorized by Sunacrip, but which do not work due to technical problems are Crixto Vzla, Exchange Vzla, Canjeable Ticketven, Financieras 1444, CriptoExchange and Criptoactivos Bancar.
International exchanges in the gray zone
While the list Ramirez offered was long, it left some names out of the equation. Exchanges like Binance, which have a significant foothold in Venezuela, were not mentioned, leaving the presence of such operations in the country in a gray area. Currently, Binance P2P, the part of the exchange that allows users to connect and trade cryptocurrency and fiat currency, has one of the largest exchange operations in Venezuela.
Additionally, other international exchanges that Venezuelans can use to manage and transact cryptocurrencies are not permitted. This means that if the users of these exchanges have any problems using them, there will be no guarantees regarding the activities. Finally, Ramirez made a recommendation users to refrain from using unauthorized services, in order to “guarantee the legitimacy of operations and the support of the services offered”.
Venezuela was one of the first countries in Latin America to boast a comprehensive cryptocurrency regulatory system, two years before El Salvador introduced its “Bitcoin Law,” making crypto legal tender. Sunacrip also tightened KYC requirements for virtual asset service providers on May 3 last year.
What do you think of the state of certain international exchanges in Venezuela according to Sunacrip? Tell us in the comments section below.
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