Venezuela regulator orders shutdown of exchanges


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  • Regulator orders closure of exchanges in Venezuela
  • Sunacrip orders shutdown of mining farms
  • Venezuela makes u-turn on crypto stance

The Chief Superintendent of the Venezuelan superintendency of crypto-assets has shut down some exchanges and mining farms in the country. Although reports have said nothing yet, sources inside the country have said that actions will commence soon. This move is coming after the arrest of the former head of the agency Joselit Ramirez off the back of an order by the president for a better system in the company.

Regulator closes exchanges and mining farms

According to several sources close to the issue, the recently installed superintendent is unhappy with how things are handled, thus the order. In a statement by the President of Asonacrip, Jose Alvarez believes that everybody has a share of the blame regarding the issues in the regulatory body. He also confirmed that his agency is making a list of proposals that would be sent to the new boss Dr. Anabel Pereira.

The former recently opened a public dialogue forum where it asked members of the public to share their opinions with the agency as it ramps up its proposal to the latter. However, before the enforcement of exchanges, Sunacrip also rolled out a memo to mining farms across Venezuela. Jose Alvarez confirmed the memo and stated that the crackdown affected some affiliates, which makes it a concern for Asonacrip. Mining farms have been shut down across three locations, including Bolivar and Lara.

Venezuela makes u-turn on its crypto stance

Asonacrip has also issued a statement asking the regulatory agency to look into its laws. The body mentioned that most of the mining farms affected went through due process during their registrations. It also pointed out that they were still operating and had the latest permit in Venezuela. Alvarez mentioned that although the agency has an internal issue, it should not interfere with the activities of mining farms regionally. The actions of the last few weeks are in stark contrast to the previous activities of the Maduro-led government regarding crypto.

President Maduro previously called for the use of digital assets as a tool to kickstart the ailing Venezuelan economy. In that time frame, the country gave firms a free hand, looked into the development of its CBDC, and created a regulatory system. At the time, parties involved were targeted by authorities because the state of the assets was being questioned. However, the decree gave the regulator great power, which it used for corrupt practices. Sunacrip is presently undergoing investigation for acting as a middle point in an oil sale deal amid other issues.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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