📍 Introduction
In recent months, Venezuelan users have reported the blocking of bank accounts by Banesco after conducting cryptocurrency exchange operations on P2P platforms like Binance. This phenomenon has raised alarms among small merchants and users who use cryptocurrencies as a safeguard against inflation or as a means to generate income.
🧾 What is happening?
Users on social media, particularly on TikTok and Telegram groups, have reported that their accounts were blocked without prior notice after repeated transactions linked to stablecoins like USDT. In some cases, funds were temporarily withheld while internal reviews were conducted under criteria of 'suspicious activities'.
Legal organizations like LegalRocks have confirmed that since 2021 they have handled dozens of similar cases, not only with Banesco but also with other private entities like Provincial, Mercantil, and Bancamiga.
🔍 Situation Analysis
📉 1. Gray Regulatory Context
Although the use of cryptocurrencies is not prohibited in Venezuela, there is also no clear regulatory framework that protects banking users who operate with them. Banks, therefore, operate with discretion in the face of 'unusual' transactions.
💰 2. Reputational Risk for Banks
Platforms like Binance P2P are widely used for transfers in bolívares that are often not well justified in the traditional banking system. In response, Banesco (like other banks) prefers to adopt a preventive policy, blocking accounts if it detects high volumes or repetitive movements with non-affiliated third parties.
🧾 3. Lack of Formalization of P2P Activity
Many P2P merchants operate without commercial or tax registration, which generates distrust for banks. While these activities are legitimate, their informality makes them seen as high risk for money laundering or tax evasion.
⚖️ 4. User Vulnerability
Users are left in a fragile position: on one hand, they have the right to use their funds; on the other, they have no clear legal backing against preventive blockages, beyond internal processes that can take weeks.
📌 Recommendations for P2P Merchants
Justify your transactions: Use clear descriptions and keep invoices or proof of transactions.
Avoid repeating sending/receiving patterns with multiple third parties without prior banking relationships.
Diversify banks and platforms to avoid concentration of risks.
Consider formalizing your commercial activity if you conduct large-scale operations (registration, RIF, etc.).
Consider using alternative payment methods like Zelle, Payoneer, Zinli, etc., for transactions in currencies.
🧭 Conclusion
The blocking of accounts by Banesco to P2P merchants reflects the legal insecurity that still surrounds the crypto ecosystem in Venezuela. While authorities do not establish clear guidelines for transactions on platforms like Binance, users will continue to face significant operational risks. It is essential for those engaged in P2P trading to educate, document, and proactively protect themselves to avoid unpleasant surprises.
