Venezuela Regulator Continues Crypto Crackdown,Shuts Down Crypto Exchanges

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Key takeaways:

  •  All cryptocurrency exchanges listed in Venezuela with the National Superintendency of Cryptoassets, or “Sunacrip,” have been shut down by order of the organisation.
  • This action follows the arrest of Joselit Ramirez, the former agency chief, as a result of the president’s directive for a better corporate governance system.

Some platforms and mining operations in Venezuela have been closed down, according to the Chief Superintendent of the nation’s cryptocurrency supervision. 

Each passing day has brought disappointing developments for the Venezuelan crypto ecosystem since President Nicolas Maduro ordered the arrest of Venezuela’s Superintendent of Cryptoassets, Joselit Ramirez, and the restructuring of the nation’s crypto regulatory body.

In a recent move, Venezuela’s National Superintendency of Cryptoassets, also known as “Sunacrip,” the nation’s cryptocurrency regulator, ordered the closure of all exchanges that had registered with it as Venezuelan entities.

Venezuela recently reorganised its state cryptocurrency department. The decree states that the board will plan the subsequent steps for the crypto department, also known as Sunacrip in Spanish, but it doesn’t provide any additional information or precise reasons for the reorganisation. The government of Maduro says the action is being taken, among other things, to shield the people of the nation from the damaging impacts of economic sanctions.

Asonacrip has developed a public survey to solicit opinions from Venezuelan crypto enthusiasts regarding the suggestions that will be made to the Sunacrip intervention board.

Just prior to the raid, Sunacrip‘s order to lock down massive cryptocurrency farms running across many Venezuelan states was announced. Asonacrip has recognised the closure of mining farms in the states of Carabobo, Lara, and Bolvar.

Despite the extreme measure remains unconfirmed, Venezuela’s National Association of Cryptocurrencies reiterated to Decrypt that the shutdown has begun as the nation moves forward with an anti-corruption inquiry that has so far resulted in the heads being chopped off of Joselit Ramirez and Tareck el Aissami, the Minister of Energy and Petroleum, who serves as the political ally.

Prior to now, President Maduro advocated for the use of digital assets as a means of reviving the faltering Venezuelan economy. During that period, the nation gave businesses free rein, looked into the growth of its CBDC, and established a regulatory framework. Authorities at the time targeted the parties engaged due to concerns about the assets’ condition. 

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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