Binance enables direct bolívar deposits for users in Venezuela

Binance has introduced a new service in Venezuela allowing select users to make direct deposits in Venezuelan bolívares (VES) via bank transfers and Pago Móvil. This feature enables users to fund their accounts to purchase digital assets and stablecoins, such as USDT and USDC, without relying exclusively on the peer-to-peer (P2P) marketplace.

The service is currently in a testing phase and is being rolled out gradually. To ensure security and compliance, all deposits must originate from a bank account registered under the same name as the verified Binance account holder. Deposits carry a 0% commission fee, while a 0.3% fee is noted for future withdrawal options.

Binance clarified that it does not directly manage or process fiat currency. Instead, the local processing, reception, and management of bolívares are handled by Casa de Cambios Insular, S. A., an entity regulated by the Superintendencia de las Instituciones del Sector Bancario (Sudeban) and the Banco Central de Venezuela (BCV). The service is available daily between 12:01 a.m. and 8:59 p.m.