Yes, in Venezuela there are significant legal risks for buying and selling dollars through WhatsApp, especially if done publicly, frequently, and using the parallel exchange rate instead of the official one. Here I explain in detail:
⚖️ 1. **Legal Basis and Prohibitions
- **Unauthorized financial intermediation**: The Law of Banking Sector Institutions (in effect since 2014) establishes penalties of **8 to 12 years in prison** for those who engage in unauthorized financial intermediation, which includes the frequent buying and selling of currencies without permits.
- **Exchange Agreement No. 1**: Although the Central Bank of Venezuela (BCV) allows the free convertibility of currencies, it requires that operations be conducted **only through authorized entities** (registered banks or exchange houses) and using **the official BCV rate**.
- **Use of the parallel rate**: Conducting transactions at a rate different from the official one (such as that of the parallel market) is considered an economic crime.
📱 2. **Operations via WhatsApp and Social Networks**
- **Public and frequent offers**: Posting on WhatsApp, Instagram, or other social networks offers to buy/sell dollars regularly can be interpreted as operating an "illegal exchange house," even if done in private groups.
- **Recent detentions**: In June 2025, Attorney General Tarek William Saab reported **more than 50 detainees** for operating with currencies using social networks and unofficial rates. Phones, cash in bolívares and dollars were seized.
- **Specific examples**: Platforms like "Monitor Dólar" or "En Paralelo Venezuela" were shut down, and their administrators were detained for publishing the parallel rate.
⚠️ 3. **Exceptions and Limits**
- **Occasional and private transactions**: Occasional sales between individuals (e.g. family or friends) without profit motives or advertising **are not considered a crime**. The risk arises when the activity is frequent, public, and for profit.
- **Context of dollarization**: Despite the informal dollarization in Venezuela, the government insists that the bolívar is the official currency and that transactions in dollars must be governed by the BCV rate.
🔍 4. **Control and Pursuit Campaigns**
- **Intensification of measures**: Since May 2025, the government has increased the pursuit of unauthorized currency operations, shutting down websites that published the parallel rate and detaining linked individuals.
- **Verification Plan**: The Sundde (Superintendency of Socioeconomic Rights) implemented in 2024 a plan to verify that businesses and individuals use only the official rate.
- **False statements**: False messages circulate on WhatsApp exaggerating the sanctions (e.g. "10 years in prison for using dollars"), but although they are exaggerated, they reflect the real policy of criminalizing the use of the parallel market.
📌 Conclusion 📌📌📌📌
The Venezuelan government **is indeed detaining people** who buy and sell dollars publicly and frequently via WhatsApp, alleging unauthorized financial intermediation and use of parallel rates. Although private and occasional transactions are not penalized, the current context demands taking extra precautions due to the intensification of controls.