Venezuela Suspends Operations of Crypto Exchanges and Mining

• Officials allegedly encouraged local BTC miners to temporarily suspend operations.
• No one knows when crypto firms in Venezuela would be able to begin operations.

While the government deals with the multi-billion dollar corruption investigation, crypto miners and exchanges in Venezuela will stay closed. While investigating a big corruption scam that might have syphoned off $20 billion, Venezuelan officials allegedly encouraged local Bitcoin miners to temporarily suspend operations.

It is suspected that members of President Maduro’s closest circle were behind the plot to steal from Petróleos de Venezuela. It is the country’s state-owned oil and gas corporation. Forbes reports that a shocking corruption case in Venezuela has forced large-scale Bitcoin (BTC) miners to shut down their operations.

Petróleos de Venezuela, a state-owned oil and natural gas firm and the world’s fifth-largest supplier of hydrocarbons is missing between $3 billion and $20 billion.

Operations Suspended Upto Further Notice

Since it was involved in liquidating sales after US sanctions against the corporation. The Superintendencia Nacional de Criptoactivos (SUNACRIP) is a key player in the process. When it came to energy consumption and Bitcoin mining, it was also among the leading institutions.

Other cryptocurrency firms, like payment platforms with SUNACRIP licences, have also been ordered to suspend operations by the authorities throughout the inquiry.

The Chairman of SUNACRIP, Joselit Ramrez, and the head of SUNACRIP’s digital mining activities, Rajiv Mosqueda, granted several of those licenses. Both individuals have been arrested on suspicion of taking part in a theft operation targeting Venezuela’s energy sector.

No one knows how long the inquiry will take. Or when crypto firms in Venezuela would be able to begin operations. Some speculate that President Maduro would reorganize SUNACRIP or create a whole new regulatory body.