- El Dorado P2P exchange shut down Venezuela operations immediately, CEO announced via video citing government pressure.
- CEO Goncalvez apologized, denied promoting dollar speculation, stressed only Venezuela’s central bank rate is official.
El Dorado, a peer-to-peer cryptocurrency exchange operating in Venezuela, has ceased all operations in the country effective immediately. Guillermo Goncalvez, the company’s co-founder and CEO, announced the shutdown in a video statement released yesterday.
Goncalvez stated, “El Dorado will stop operating in Venezuela immediately.” He expressed regret for any negative consequences linked to the platform’s activities. “First, I am deeply sorry, as our actions were never intended to encourage speculation on Venezuela’s parallel dollar rate,” Goncalvez said. He offered apologies and accepted responsibility for any harm caused.
🇻🇪 A nuestros queridos usuarios en Venezuela,
A partir de hoy, 5 de junio del 2025, los residentes venezolanos no podrán abrir cuentas, utilizar el mercado P2P, depositar USDT desde otras billeteras, ni generar ganancias en “El Dorado Gana”:
👇🧵Más info:… pic.twitter.com/FdS8J6KINE
— El Dorado (@eldoradoio) June 5, 2025
The CEO emphasized that the only official dollar rate recognized in Venezuela is the one set by the country’s central bank, the BCV.
Government Actions Intensify
The decision by El Dorado follows increasing government oversight of Venezuela’s currency market. Just last week, authorities detained 20 individuals managing Instagram accounts. These accounts published the value of the US dollar traded on the parallel market.
As of May 22nd, the parallel market rate reached 133 bolivars per dollar. The BCV’s official rate stood at 94 bolivars per dollar. This created a 41% difference between the two rates. Venezuela’s Public Ministry charged the detainees with crimes including terrorism, money laundering, unlawful solicitation, deceptive advertising, and criminal association.
Pressure on Crypto Platforms Grows
El Dorado’s platform facilitated the exchange of stablecoins, cryptocurrencies designed to maintain a steady value, for local Venezuelan bolivars. This service addresses a practical need in an economy experiencing very high inflation and strict currency controls.
🇻🇪 A nuestros queridos usuarios en Venezuela,
A partir de hoy, 5 de junio del 2025, los residentes venezolanos no podrán abrir cuentas, utilizar el mercado P2P, depositar USDT desde otras billeteras, ni generar ganancias en “El Dorado Gana”:
👇🧵Más info:… pic.twitter.com/FdS8J6KINE
— El Dorado (@eldoradoio) June 5, 2025
While Goncalvez denied any aim to promote speculation, El Dorado’s closure highlights the operational difficulties faced by such platforms. Venezuela’s regulatory framework and economic instability create a persistently challenging environment.
The government’s recent decision may affect other exchanges offering similar services. Binance, a major global cryptocurrency exchange widely used by Venezuelans, could potentially face access restrictions for users within the country in the future. The situation leaves users seeking stablecoin conversions with fewer options.
