Maduro government suppresses black market exchange rate platforms, some users turn to Binance and other cryptocurrency platforms for price reference

According to Bloomberg, Venezuelan President Maduro's government recently cracked down on the black market exchange rate information platform Monitor Dolar, arresting nearly 20 related personnel, causing the platform to stop updating on May 27th, leaving millions of people missing the reference price they rely on to exchange US dollars, triggering severe market fluctuations. The black market exchange rate provided by the platform is usually 25% -30% lower than the official exchange rate. Despite the government's intention to control the black market, the Bolivar currency continues to depreciate in parallel markets, and economists say that the crackdown measures may backfire. Some users have turned to cryptocurrency platforms such as Binance for price references.