Venezuelans Locked Out of Binance: How Safe Are Your Funds?

• SAFU, established in 2018, is designed to safeguard assets during extreme situations like hacks or bankruptcies.
• Restrictions also affect other websites and social media platforms in Venezuela, showing increasing internet control.

Binance is currently experiencing access restrictions in Venezuela. The company confirmed these issues through a message on social media platform X, reassuring users that their funds remain secure. Binance stated that assets are protected under the SAFU fund, which was established in 2018 to safeguard users’ funds in extreme situations such as hacks or bankruptcies.

The SAFU fund is designed to provide protection for user assets in case of severe disruptions. Despite the access difficulties, Binance has committed to working on restoring access as quickly as possible.

Estimados Binancians,

Al igual que varios sitios web de empresas de diferentes segmentos en Venezuela, incluidas las redes sociales, las páginas de Binance han estado enfrentando restricciones de acceso.

Queremos asegurarles que sus fondos están SAFU bajo nuestros robustos…

— Binance Latinoamérica (@BinanceLATAM) August 10, 2024

In Venezuela, the access issues also affect other websites and social media platforms, including X. Binance’s situation reflects a broader trend of increasing internet restrictions in the country. The Venezuelan organization VE sin Filtro first reported the Binance issue on August 9, suggesting that the restrictions may be related to the state telecommunications company CANTV.

However, some users have reported to Crypto News Flash that they can still access Binance through private internet providers and other mobile phone companies. Binance is closely monitoring the situation and is actively seeking solutions to address the access problems its users are facing in Venezuela.

This incident highlights a rise in internet restrictions within the country, impacting both social media platforms and cryptocurrency exchanges. Binance assures that the security of user funds remains a top priority, and the company is focused on resolving these access challenges.