Binance implements risk control measures on Venezuelan bank cards, possibly related to exchange rate arbitrage

According to market news, the cryptocurrency exchange Binance has recently implemented stricter risk controls for Venezuelan users using bank card payment channels.

Official reports indicate that users purchasing cryptocurrencies with bank cards issued by Venezuelan banking institutions and virtual dollar cards issued in Panama (such as Zinli or Wally) are facing high rejection rates and operational restrictions. The main issues encountered by users include failure to receive verification codes, additional restrictions on virtual cards, and the complete disappearance of certain account payment options. This situation has led to a significant increase in customer service requests at Binance.

Analysts point out that these restrictions are related to the current currency arbitrage phenomenon in Venezuela. Users purchase dollars at the official exchange rate and transfer them to international debit cards, then buy USDT on Binance, and subsequently sell it at a higher exchange rate through the peer-to-peer (P2P) market for profit.