Binance Faces Access Restrictions in Venezuela, Reassures Users That Their Funds Are SAFU

Binance is currently experiencing access restrictions in Venezuela. The company confirmed these issues through a message on social media platform Twitter, reassuring users that their funds remain secure.

Binance users in Venezuela are facing difficulties accessing the cryptocurrency exchange’s website and application. This issue was confirmed by Binance in a post on social media platform X, where the company reassured users that their funds are safe.

Binance stated that user assets are protected under the Secure Asset Fund for Users (SAFU) fund, which was established in 2018 to safeguard users’ funds in extreme situations such as hacks or bankruptes. The SAFU fund is designed to provide protection for user assets in case of severe disruptions, such as the one currently affecting Binance users in Venezuela.

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

The 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 broader trend of increasing internet restrictions in 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.

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