P2P trading continued without significant price fluctuations despite the preventive pause on withdrawals following the platform security incident
News agencies 01/11/26 16:07
The Binance hack did not shake Venezuela’s USDT market. Despite the pause on withdrawals, P2P trading remained active and the digital dollar’s price stayed stable, while the gap with the BCV continues to narrow.
Binance moves USD 45.4 million daily in Venezuela, but even the withdrawal interruption failed to shake the price of USDT.
USDT was trading near 1,011 bolivars on October 28.
The official dollar rate stood at 889.26 bolivars on October 30.
Venezuela’s USDT market showed little reaction to the hack Binance suffered on October 29, despite the incident forcing the exchange to suspend withdrawals and creating uncertainty among its users.
On October 30, the official rate set by the Central Bank of Venezuela (BCV) stood at 889.26 bolivars per dollar, while USDT traded on the P2P market between 990 and 1,005 bolivars, depending on the time and payment method. Some trackers reported a gap of 11.6%, while other quotes put the difference at close to 13%.
Despite the suspension of withdrawals, peer-to-peer trading remained active in Venezuela. After trading near 1,011 bolivars on October 28, USDT stayed between 1,006 and 1,010 bolivars over the following days, with fluctuations below 0.5% in some averages.
The hack involved the estimated theft of USD 6.3 billion from Binance wallets. The company said it would cover the losses with its own funds and resources from its SAFU protection fund, and maintained that users’ assets held in cold storage were unaffected. The platform expected to resume withdrawals within approximately 48 hours.
The narrowing of the gap, however, did not begin with the hack. According to figures from Ecoanalítica, the difference between the parallel and official dollar rates fell from 29.6% in June to 16.2% in July, around 15% in August, and 14.7% in September. By mid-October, it had already reached 13.6%. The movement observed on October 30 was limited and did not hold.
Binance’s weight in that market helps illustrate the impact any interruption to its services could have. According to Alejandro Grisanti, director of Ecoanalítica, between June and October 20, the platform’s P2P transactions moved an average of USD 45.4 million a day, for a cumulative total of close to USD 5.949 billion. That volume was equivalent to 83% of the BCV’s foreign-exchange interventions during the period.
The fact is that USDT’s stability during the incident does not change one reality: much of Venezuelans’ access to digital dollars depends on a single platform. With billions of dollars moved daily through its P2P market, Binance has become part of Venezuela’s foreign-exchange infrastructure, whose vulnerability was exposed when withdrawals were suspended.
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