Sunacrip revokes licenses of two cryptocurrency exchanges in Venezuela – Regulation

Sunacrip, the Venezuelan cryptocurrency watchdog, has suspended the operating licenses of two exchanges for non-compliance with current regulations. The announcement was made by Joselit Ramirez, superintendent of Sunacrip, who also mentioned the exchanges approved by the institution and delisted some big names like Binance.

Sunacrip tightens compliance requirements for exchanges in Venezuela

Sunacrip, the institution responsible for regulating all things crypto in Venezuela, announced that it revoked the trading licenses of two exchange platforms on January 26th. The organization's superintendent, Joselit Ramirez, did so notice via Twitter with the following note:

WE INFORM all our users that two general operating licenses of exchange houses Criptomundo and Cave Blockchain have been REVOLVED for failing to comply with the rules established by Sunacrip to operate in our country.

While Ramirez did not disclose the specific reasons for revoking those licenses, he did mention all exchanges that were still authorized by Sunacrip to conduct stock exchange operations in the country. Among them are Criptoactivos Amberes Coin, Asesoría Financiera IO, Criptoex, Criptoven Trade, Digital Factoring, Venecrip and the Patria platform, which is run by the government.

Other exchanges authorized of Sunacrip, which are not operational due to technical problems, are Crixto Vzla, Exchange Vzla, Canjeable Ticketven, Financieras 1444, CriptoExchange and Criptoactivos Bancar.

International exchange in the gray area

While the list Ramirez offered was extensive, it left some names out of the equation. Exchanges like Binance, which have a large presence in Venezuela, were not mentioned, leaving the presence of these operations in the country in a gray area. Currently, Binance P2P, the part of the exchange that allows users to connect and trade cryptocurrencies and fiat money, has one of the largest exchange operations in Venezuela.

Other international exchanges that Venezuelans can use to manage and transact cryptocurrencies are also not authorized. This means that there are no guarantees regarding the activities if users of these exchanges encounter any problems while using it. Finally, Ramirez made a Recommendation for users to refrain from using unauthorized services in order to “ensure the legality of the operation and support of the services offered.”

Venezuela was one of the first countries in Latam Bragging rights a comprehensive cryptocurrency regulation system, two years before El Salvador introduced its “Bitcoin Law,” which made cryptocurrency legal tender. Also Sunacrip strengthened the KYC requirements for virtual asset service providers on May 3 last year.

What do you think about the state of some international stock exchanges in Venezuela according to Sunacrip? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price surge occurred in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. He offers a different perspective on crypto success and how it helps the unbanked and underserved.

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