In an unexpected turn for the Venezuelan crypto community, El Dorado P2P, one of the most used platforms for exchanging stablecoins like USDT and USDC in Venezuela, announced the immediate cessation of its operations in the country. The news was confirmed on May 31, 2025, by its CEO and co-founder, Guillermo Goncalvez, through a video shared on his social media.
“I take full responsibility and I apologize to those who may have been affected,” Goncalvez stated in his public declaration.
🧩 What was El Dorado P2P?
El Dorado P2P operated as a bridge between users who wanted to exchange stable cryptocurrencies for local currencies, especially the bolívar. In an economy marked by inflation and strict currency controls, it became a key tool for those looking to protect their purchasing power.
🔍 Why did it close?
Although the internal reasons for the suspension were not detailed, the regulatory context in Venezuela suggests increasing pressure from the State on platforms that facilitate currency exchange. In recent weeks, the Public Ministry detained 20 people for managing Instagram accounts that published parallel dollar quotes, accusing them of financial terrorism and money laundering.
This offensive aligns with the government's increasingly strict stance towards initiatives that operate outside the control of the official exchange system.
🚨 What does this mean for users?
The closure of El Dorado leaves a significant gap in the market. Thousands of Venezuelans used the platform to safeguard their income in stable assets and escape the volatility of the bolívar. Now, many are likely to turn to less regulated channels, with greater risks of fraud or loss of funds.
🔮 Final reflection
The crypto ecosystem in Venezuela remains one of the most dynamic in Latin America, but also one of the most vulnerable to regulatory fluctuations. The closure of El Dorado P2P is a wake-up call for entrepreneurs, users, and platforms: legal security and adaptability to the local environment will be key to the sustainability of the sector.
📌 Did you use El Dorado P2P? What alternatives do you consider now? Share your experience in the comments.
🔁 Follow me for more content on cryptocurrencies and finance in Latin America.
