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Legalrocks: Venezuelan banks freeze accounts of dozens of crypto traders

Since the end of last year, Venezuelan banks have blocked more than 75 accounts used for cryptocurrency transactions, according to legal firm Legalrocks. According to a post by Ana Ojeda, CEO of blockchain and crypto firm Legalrocks, local banks are starting to tighten controls on customer accounts that make peer-to-peer crypto transactions.. As well as converting cryptocurrencies into fiat money and vice versa. Ojeda noted that the use of bank accounts to exchange money for crypto assets should not be considered a valid reason for blocking. However, if there are sufficient indications that the funds may be related to illegal activities, banks have grounds to freeze client accounts.. The same applies to transactions on cryptocurrency exchanges that do not have permission to operate from the National Authority for Crypto Assets and Related Operations of Venezuela (Sunacrip). These transactions may be considered suspicious, and an investigation may be initiated against them, the lawyer writes. According to Ojeda, during 2022, the exchange of stablecoins through P2P platforms has become quite common due to the economic crisis and the high level of devaluation of the Venezuelan bolivar.. Venezuelans consider stablecoins to be an effective way to protect their savings from inflation. According to Chainalysis, Venezuela has become the leading country in Latin America in the use of stablecoins. Freezing of bank accounts related to cryptocurrency transactions occurs in other countries as well. Last year, the bank accounts of 1,064 cryptocurrency traders were blocked in Pakistan, and in May, the Iranian authorities froze more than 9,000 accounts of cryptocurrency traders.