The post Breaking: Venezuela’s Dramatic Crackdown on Binance and X Unleashed Amid Election Uproar appeared first on Coinpedia Fintech News
The Venezuelan government has restricted access to several online platforms, including binance
binance
binance@miceneurol.com
Centralised Exchange
and the social media platform X. These measures were implemented amidst the ongoing controversy around the recent presidential election.
On 9th August, local organization VE sin Filtro reported that a DNS block was detected on Binance, which disrupted the functionality of its website and mobile app. Binance with a significant user base in Venezuela for its P2P service, ensured its users that their funds remain secure and it is monitoring the situation closely.
According to an official statement released by X, the company confirmed that it is encountering difficulties in providing access to its web platform for users in Venezuela. Users are turning to VPN to bypass the government’s blockades.
Tensions Escalate Between Musk And Maduro
President Nicolas Maduro announced that the telecommunication regulator Conatel would ban access to X for ten days. Following a disputed presidential election last month, tensions escalated elon musk
elon musk
Elon Musk is an enthusiastic cryptocurrency believer, quivering the crypto world through his sparkling tweets. He has a complex relationship with cryptocurrencies. His tweets solely are responsible for the crypto volatility. Musk splendidly purchased $1.5 billion in the king of cryptocurrency. He was born on June 28, 1971, and is based in Pretoria, South Africa. His mother is Maye musk and his father is Errol musk, he is a South African electromechanical engineer, pilot, sailor, consultant, and property developer.
He graduated from the University of Pennsylvania, earning a bachelor’s degree in Arts and physics, and the Wharton School, earning a bachelor’s degree in science, and economics. Musk was honored by Axel Springer Award, an annual award given to remarkable personalities who are extremely innovative, build new markets and change markets, shape culture, and confront their social responsibility.
In 1995, Elon Musk and Greg Kouri founded a web software company called ZIP2. The company developed and marketed an Internet city guide for the newspaper publishing industry, with maps, directions, and yellow pages.X.com and PayPal: in 1999, he co-founded X.com which is an online financial service and email payment company. Space X: on 14, March 2002 he founded space x company which provides space transportation services.
On July 1, 2003, he founded TESLA. Tesla is an electrical vehicle and clean energy company which designs and manufactures electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and so on. His other activities involve SolarCity and Tesla Energy, Neuralink, the boring company, Managerial style and treatment of employee Hyperloop, openAI music, and ventures. Etc. he made $165 by selling PayPal to eBay. And was first listed on the Forbes Billionaires List in 2002, with a total net worth of $2 Billion.
NAsales@teslamotors.com
EntrepreneurInvestorChief Executive Officer
labeled Maduro a “dictator” and a “clown,” while Maduro accused Musk of inciting “hatred, fascism, and civil war.”This followed, a public argument between Maduro and Musk where both parties exchanged challenges.
These restrictions on online platforms came at a time when there were widespread protests triggered by the disputed results of the 28 July presidential election. Both Maduro and his opponent, Edmundo González, have claimed victory. However, the government-controlled electoral authority declared Maduro the winner, sparking controversy as detailed vote counts were not released.
Venezuela’s Increased Use Of Cryptocurrencies
The United States, the European Union, the United Kingdom and multiple South American countries have not recognized Maduro’s claim to the presidency, and many have asked for detailed vote counts.
Notably, the restrictions come as Venezuelans are increasingly dependent on digital currencies to steer through the country’s ongoing economic crisis. There has been a surge in the use of cryptocurrencies in recent years in Venezuela, where people seek to preserve their assets’ value to combat hyperinflation.
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