The accounts of consumers with connections to cryptocurrency trading, particularly those connected to peer-to-peer (P2P) transaction activity, have caught the attention of Venezuelan banks.
Venezuelan private banks have frozen over 75 accounts for enabling crypto-to-fiat and fiat-to-crypto transactions since the end of 2021, claims Legalrocks, a crypto and blockchain-focused law practice in Venezuela.
Banks in Venezuela are paying more attention to accounts that frequently involve Bitcoin transactions. More than 75 cases of funds that have been stopped or are under investigation have been registered since the end of 2021, according to the blog post by Legalrocks, a Venezuelan law practice that specialises in cryptocurrencies and blockchain.
Ana Ojeda: The closure of these accounts is unjustifiable
According to Ana Ojeda, CEO of Legalrocks, shutting these accounts for collecting fiat money in exchange for cryptocurrencies can’t be justified. Nevertheless, she adds that if there are convincing indications that the money spent in these transactions is connected to unlawful or criminal activity, it changes the situation.
Source: https://crypto.news/venezuela-banks-block-more-than-75-crypto-related-accounts/