Paxful eliminates operations with Banco de Venezuela due to sanctions

The portal for P2P operations for the purchase and sale of Crypto Trader has announced this Wednesday by means of an e-mail that no more purchase and sale operations for Bitcoin involving Banco de Venezuela, a public bank of the South American nation of the same name, are allowed.

The email from Paxful, titled „¡URGENTE! Payment Method for Venezuela will be deactivated in the next few hours,“ specified that „offers that mention or allude to the method of bank transfers to „Banco de Venezuela“ will be deactivated,“ which led them to ask users of the P2P portal to remove this bank from the options they handle for the purchase and sale of the main cryptoactive market.

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Why was this bank eliminated?
The mail points out that the reason for this elimination is because the portal must follow the regulations established by U.S. regulations, including the sanctions imposed by the Office of Foreign Assets Control (OFAC) of the United States against the Venezuelan bank.

Banco de Venezuela has been sanctioned by the American authorities since March 22, 2019. At the time, U.S. authorities alleged that the bank was serving as a „vehicle to transfer funds abroad in an attempt to shore up (Nicolas) Maduro. In March of this year the companies Master Card, Visa, American Express, Western Union and Money Gram received an authorization from the American authorities to carry out operations with Banco de Venezuela and the rest of the sanctioned banks, but the authorization is limited only to these companies.