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| National Crypto Exchanges Halt Trading in Venezuela as Anti-Corruption Probe on Sunacrip Continues |
National cryptocurrency exchanges in Venezuela have reportedly suspended their operations due to an ongoing anti-corruption investigation. The probe, named “Crypto-PDVSA” after the state-owned oil company, is investigating the involvement of Sunacrip, the country’s crypto watchdog, in the illegal sale of oil to third parties. It is alleged that officials from the oil company used their influence to carry out parallel oil sales that were not authorized by the government. Sunacrip is believed to have been involved in these illegal activities and used the proceeds to buy cryptocurrency assets and launder the money.
As a result of the investigation, registered miners throughout the country have also been forced to pause their operations. The pause in operations is said to be temporary while Sunacrip undergoes restructuring, according to reports. However, it is not clear when operations will resume for the affected parties.
Tarek William Saab, attorney general of Venezuela, confirmed Sunacrip’s involvement in the illegal activities during a press conference on March 25. He stated that the money from the illegal sales was used to buy cryptocurrency assets and injected into other activities to launder the money. However, he did not confirm whether cryptocurrencies were used as a payment method for the crude oil sold illegally.
Cryptobuyer, one of the largest exchanges in Venezuela, initially announced that it was pausing operations in accordance with orders from Sunacrip. However, it later retracted this statement and clarified that it was only temporarily stopping its own operations.
As of now, 11 people have been apprehended in connection with the illegal activities, including the former head of Sunacrip, Joselit Ramirez. The investigations are ongoing, and it is unclear how long it will take for the affected parties to resume their operations.
