Bitcoin

Paxful eliminates operations with the Banco de Venezuela due to sanctions

The portal for P2P operations for the sale and purchase of bitcoins announced this Wednesday via email that Bitcoin buying and selling transactions involving the Banco de Venezuela are no longer permitted, a public bank of the South American nation of the same name.

The Paxful Mail entitled “URGENT! The payment method for Venezuela will be disabled in the next few hours.The offers mentioned or mentioned as part of the transfer method to the “Banco de Venezuela” will be deactivatedThis prompted them to ask P2P portal users to eliminate this bank from the options they manage for selling and buying the main crypto activity in the market.

Why did you remove this bank?

The email shows that the reason for this deletion is that the portal must comply with the provisions of the American regulation. including the sanctions imposed by the United States Office for Foreign Wealth Control (OFAC) on the Venezuelan bank.

Paxful eliminates operations with the Banco de Venezuela due to sanctions
Paxful eliminates operations with the Banco de Venezuela due to sanctions

The Banco de Venezuela has been sanctioned by the American authorities since March 22, 2019. The American authorities at the time stated that the bank was “serving as a means of transferring funds abroad to support (Nicolás) Maduro”.. In March this year, the American authorities approved Master Card, Visa, American Express, Western Union and Money Gram to conduct operations with the Banco de Venezuela and the other sanctioned banks. However, approval is only limited to these companies.

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