The National Directorate of Crypto Assets and Related Transactions of Venezuela (Sunacrip) plans to more closely monitor digital currency transactions made by Venezuelans.
The organization released a service document that establishes a mechanism to combat suspicious activity, including on cryptocurrency platforms. The document also aims to incorporate various directives of the Financial Action Task Force (FATF) into Sunacrip’s work processes for detecting money laundering and terrorist financing schemes.
Joselit Ramirez, head of the service, has already signed the document.
Under the new rules, the use of unauthorized exchanges can be considered a red flag that should be reported to the national financial intelligence organization for investigation and sanctions. The document does not specify what fines or sanctions may be imposed for these violations.
The new rules could seriously affect exchanges such as Binance, which, while widely used in the country, has no official registration and is not authorized by the organization. To avoid sanctions, users will have to switch to less popular exchanges, as none of the major crypto exchanges are authorized in Venezuela.