Binance Tightens Card Purchase Controls for Venezuelan Users, P2P Trading Unaffected

Binance has reportedly implemented stricter risk control measures for Venezuelan users attempting to purchase cryptocurrencies using local and Panamanian-issued virtual credit and debit cards. This has led to a significant increase in transaction rejections. Some users have reported complete removal of card payment options, difficulties receiving One-Time Passwords (OTP), and increased limits on virtual cards.

The cryptocurrency exchange acknowledged a noticeable rise in customer service requests and stated it is monitoring restrictions imposed by payment processors and banks.

Crucially, Binance P2P trading for assets like Bitcoin and USDT remains operational and continues to be a primary channel for Venezuelan users to access liquidity.

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