Guillermo Goncalvez, co-founder and CEO of the P2P exchange El Dorado, announced the suspension of operations in Venezuela through a video released yesterday, Saturday.

"El Dorado will cease operations in Venezuela immediately," he stated, while expressing his regret for any negative impact generated by the platform.

"First of all, I am deeply sorry, as in no way have our actions been aimed at promoting speculation about the parallel dollar in Venezuela," Goncalvez assured, who also apologized and took responsibility for any harm caused.

The businessman emphasized that the only official exchange rate of the dollar in the country is the one established by the Central Bank of Venezuela.

El Dorado's decision comes in a context of increasing control by Venezuelan authorities over the currency market.

Last week, 20 people were arrested who managed Instagram accounts dedicated to publishing the value of the parallel dollar, which, as of May 22, was quoted at 133 bolívares per dollar, while the official BCV rate was at 94 bolívares, marking a difference of 41%.

The Venezuelan Public Ministry charged the detainees with the crimes of terrorism, money laundering, unlawful fundraising, misleading offers, and association.

These measures reflect the increasing pressure on exchanges like El Dorado, which operate in an environment where rampant inflation and economic restrictions drive the demand for financial alternatives.

Although Goncalvez denied any intention to promote speculation, the closure of El Dorado highlights the challenges that these platforms face in a country where regulations and economic stability are in constant tension.

This scenario could impact other platforms with similar objectives, such as Binance, a widely used exchange in Venezuela that, despite being a foreign company, could face access blocks for Venezuelan users in the future.