Restructuring of Sunacrip causes paralysis of the crypto ecosystem in Venezuela

Restructuring of Sunacrip causes paralysis of the crypto ecosystem in Venezuela

The cryptocurrency exchanges Cryptobuyer, CoincoinX, CryptoEx, AFX, Antwerp Coin and Crixto, in addition to the digital miners of crypto assets, will have to temporarily suspend their operations by direct order of Sunacrip

Cryptocurrency exchange houses (exchanges) and digital miners were instructed to temporarily stop their activities by order of the National Superintendency of Cryptoactives (Sunacrip), in the midst of a restructuring that the body is experiencing by order of Nicolás Maduro.

The first exchange to communicate about its cessation of operations was Cryptobuyer, a Panamanian company with a presence in Venezuela formally registered with Sunacrip to operate with crypto assets.

“In compliance with orders issued by our regulatory body in the field of crypto assets, Sunacrip, we comply with informing you that, motivated by the restructuring process that the entity is going through at the moment, our platforms will not be operational momentarily,” they reported through their social networks. .

On the other hand, the CoincoinX company maintained silence on its networks, but it did notify its users of a temporary suspension of its services, although hiding behind maintenance.

“We apologize in advance, since the VES deposit section is currently under maintenance, however withdrawals can be made through Coinpago Retiro and Retiros Criptos,” reads an email sent to users of the service.

*Read also: Companies find a loophole in cryptocurrencies to make international transactions

The lawyer specializing in crypto assets, Ana Ojeda, explained on her Twitter account that Sunacrip ordered both exchange houses and miners registered with the agency to temporarily suspend all their services.

«Venezuelan exchanges close operations by orders of Sunacrip. Similarly, digital miners from all over the country registered with the agency have also been turned off. Supposedly temporary measures, while the institution is restructured, “he explained.

According to the Sunacrip website, the other exchanges with permission to operate legally in the country —besides Cryptobuyer and CoincoinX— are CryptoEx, AFX, Antwerp Coin, and Crixto. In addition, they have permission but seven others are not operational: Veinte, Cryptia, Bancar, Criptolago, Criptoven Trade, Valeven and Crypto Exchange.

The disappearance of at least $3,000 million, according to media related to Chavismo, began a witch hunt within Chavismo, with several high-ranking officials arrested, including Joselit Ramírez, until then head of the Sunacrip.

*Also read: Cryptocurrencies went from “panacea” to “corruption” after the disappearance of $3 billion

Faced with this situation, Maduro ordered a restructuring of Sunacrip, for which he appointed an audit board headed by Anabel Pereira Fernández and three main directors: Héctor Andrés Obregón Pérez, Luis Alberto Pérez González and Julio César Mora Sánchez, as stipulated in Decree No. 4,788 published in the Extraordinary Official Gazette number 6,739 dated March 17, 2023.

Despite the fact that the measure paralyzes the activities of formal companies that operate in Venezuela, the cryptographic market will remain, since most of the country’s operations are processed through international platforms that are not registered with Sunacrip and that are not they respond to the Venezuelan authorities, as is the case of Binance, the leading exchange in the sector.

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