Binance has strengthened risk controls for virtual credit card purchase channels in Venezuela, while P2P transactions remain normal.

Techub News reports, according to CriptoNoticias, Binance has recently implemented stricter risk controls on the channels for Venezuelan users to purchase cryptocurrencies using locally and Panama-issued virtual credit and debit cards, leading to a significant increase in the chargeback rate for related transactions. Some users have had their bank card payment options completely removed, while issues such as abnormal receipt of OTP verification codes and additional limits on virtual cards have also emerged. Binance stated that customer service requests have noticeably increased and they are currently monitoring restrictions imposed by payment processors and banks. The buying and selling of cryptocurrencies like Bitcoin and USDT through Binance P2P remains unaffected and continues to be the main channel for Venezuelan users to obtain liquidity.