Bitcoin Exchange Paxful Bans Transactions With Bank Of Venezuela

  • Paxful was formerly known by the name ‘EasyBitz’, it is a peer to peer Bitcoin exchange.
  • Paxful began its expansion in Venezuela in the month of October 2018.
  • However, some other peers to peer bitcoin traders like Binance and LocalBitcoin have not yet announced any such ban over the bank of Venezuela.

P2P Bitcoin exchange, Paxful has announced that it won’t allow transactions from the Bank of Venezuela, owing to Trump’s recent sanctions. Paxful was formerly known by the name ‘EasyBitz’. As stated before, it is a peer to peer Bitcoin exchange. However, it wasn’t always in the Bitcoin industry always.

What is Paxful?

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Artur Schaback and Ray Youseff launched Paxful in 2015. Initially, Paxful was
a transaction processing platform which dealt mainly with brick and mortar
merchants, until it set its foot in the Bitcoin world. It basically enables
users to pay with Bitcoins easily. It has expanded its network in New York and in
Asian countries like Hong Kong, India, and the Philippines and quickly surfaced to the
top. There are more than 300 payment methods as of now.

Paxful began its expansion in Venezuela in the month of October 2018. The Co-
founder of the company states that the main aim of his ventures was improving the
usage of mobile phones. This, in turn, would increase the accessibility of Bitcoins to
the people. However, it’s sad for Bitcoin traders in Venezuela as Paxful has allegedly halted
all transactions from the bank as reported by decrypt. Venezuela was the top contributor to Bitcoin trading in terms of volume, in entire Latin America. Paxful users in Venezuela have
expressed their inconvenience caused by the exchange’s decision of banning, after the sanctions made by the US government against the country.

Not All Bitcoin Trading Banned In Venezuela

A post on Paxful’s website shows Venezuela in the high-risk country column. However, this didn’t mean that all the Bitcoin trading would shut down in the country permanently. The traders who are in Venezuela have to verify their identity in order to prove that they would not pose any threat to the community. As per the news, only the bank of Venezuela has been banned from further trading.

However, some other peers to peer bitcoin traders like Binance and LocalBitcoin have not yet announced any such ban over the bank of Venezuela. In addition, the LocalBitcoin has seen a vast increase in the users in Venezuela, contributing huge trade volumes from Latin America. Some Venezuelan traders say that they are just exaggerating the sanctions and this may affect the growth of cryptocurrency trading in Venezuela. Mauro Quiaragua, a Venezuelan lawyer, said that it is very similar to the situation when big companies like Adobe and Oracle stopped supporting Venezuela because they had to strictly follow the economic sanctions that had been issued.

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