Binance has implemented stricter risk controls for Venezuelan users purchasing cryptocurrencies via credit and debit cards, according to an announcement from its Spanish-speaking community. Payment methods, including Panama-issued virtual dollar cards like Zinli and Wally, as well as some local Venezuelan bank cards, have faced increased rejection rates, OTP verification failures, and transaction limits. Some accounts are also unable to display card payment options. Binance attributes these restrictions to tightened risk controls by payment processors and banks, leading to a rise in customer service requests.
The Venezuelan market is currently experiencing arbitrage opportunities due to discrepancies between the official exchange rate and the secondary market price of USDT. The cost of purchasing dollars through local banks is approximately 515 bolivars, while the P2P market price for USDT is around 580 bolivars. Despite the limitations on direct card purchases, Binance's P2P market transactions remain unaffected.
Binance Tightens Risk Controls for Venezuelan Card Purchases
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