The Venezuelan Government Has Shut Down Some Cryptocurrency Exchanges and Mining Farms

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Last Updated on March 27, 2023 by Bitfinsider

Every day since the arrest of Venezuela’s Superintendent of Cryptoassets, Joselit Ramirez, and President Nicolas Maduro’s order to restructure the country’s crypto regulatory body has delivered bad news to the national crypto ecosystem.

Recently, the new Superintendent of Cryptoassets, who is evidently dissatisfied with the way the industry has evolved, ordered the closure of all cryptocurrency exchanges registered in Venezuela with the country’s crypto regulator, the National Superintendency of Cryptoassets “Sunacrip.”

Although the drastic move has not been officially confirmed, Venezuela’s National Association of Cryptocurrencies told Bitfinsider that such actions are taking place as the country moves forward with an anti-corruption investigation that has so far cut off the proverbial heads of Joselit Ramirez and his political protector, Minister of Energy and Petroleum Tareck el Aissami.

“We believe that private companies should not be held accountable for what happens within the regulatory body, and that we should promote the full activation of all cryptocurrency operations (in the country),” Asonacrip president Jose Angel Alvarez told Bitfinsider.

“We are preparing a list of propositions to be delivered soon to Sunacrip and Dr. Anabel Pereira,” Alvarez added. Sunacrip’s new CEO is Anabel Pereira.

Asonacrip has launched a public survey in order for Venezuelan cryptocurrency enthusiasts to provide feedback on the suggestions that will be delivered to the Sunacrip intervention board.

Sunacrip also ordered the closure of big cryptocurrency mining farms operating in several Venezuelan states just prior to the crackdown.

“In fact, in the state of Carabobo, all farms were ordered to stop at the beginning of the week, which concerns us as a community because some affiliates are affected by the measure,” Alvarez said.

As of now, Asonacrip has verified the closure of mining farms in Carabobo, Lara, and Bolvar states.

Asonacrip demanded that these actions be reviewed, observing that the overwhelming majority of the mining farms were operational and had all necessary permits. “We believe that, while there is a situation in the superintendency, it should not have an impact on the operations of all affiliated farms at the regional level,” Alvarez told Bitfinsider.

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