Venezuela has often been the highlight whenever the conversation has been about what Bitcoin can do. However, that may soon change. Peer-to-peer Bitcoin exchange Paxful, in a statement to its users, informed that it will no longer support trades that involve the Bank of Venezuela owing to the sanctions imposed by the U.S government against the country.
On the other hand, no such restrictions have been put in place by LocalBitcoins with regard to The Bank of Venezuela, despite the sanctions, something that is interesting since the majority of the trading volume is from LocalBitcoins.
While the ban by Paxful may not disrupt the Bitcoin trading ecosystem in the country entirely, if other platforms decide to follow suit, Bitcoin traders are likely to find themselves in a precarious position