Binance Requests Income Certification from Users in Venezuela
Binance has sent a request to users in Venezuela to certify the source of their funds. The platform seeks to verify total deposits in fiat currency amounting to $17,286 made during 2026, which the user had declared as salary, arbitrage trading, savings, and personal loans. Binance contrasted this declaration with a 2025 tax return showing an annual income of 41,718 VES (approximately $56.13) and a bank statement with a final balance of 327,465.57 VES (about $440.56). The platform was unable to verify that the documented income and bank balance supported the deposited amount, requesting the user to clarify the discrepancy with additional documentation. This requirement is not exclusive to Venezuela, as Binance maintains a formal Source of Funds (SOF) and Source of Wealth (SOW) declaration process to prevent money laundering and terrorist financing. The request comes after a requirement for P2P traders in Venezuela to update their employment data, in compliance with KYC and AML regulations. Additionally, there are rumors that Binance will launch a card for the Venezuelan market, backed by Mastercard, suggesting a strategy to obtain a formal license to operate in the country.
-- Price
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