Ecoanalitica, a Venezuelan economic consulting firm, reported that Binance peer-to-peer USDT trading volumes in Venezuela reached $1.389 billion between June 11 and July 13, averaging nearly $44 million per day. Alejandro Grisanti, Director and Founding Partner at Ecoanalitica, stated the firm developed a new methodology to estimate the true size of Binance's national P2P market, calling the findings remarkable. Grisanti highlighted that these volumes prove Binance has moved beyond being a niche market to become one of the country's primary channels for buying and selling currency, reflecting ongoing limitations of the traditional foreign exchange market. The volumes represent 88% of all foreign currency sales executed by Venezuela's central bank in June and 75% of the country's monthly total oil exports. This shift occurred as the Venezuelan government faced U.S. sanctions, with the market pivoting toward crypto systems and stablecoins, though sanctions have been progressively lifted following the January capture operation of Venezuelan leader Nicolás Maduro.
Binance P2P Volumes Equal 88% of Central Bank Forex Sales
According to Ecoanalitica's estimates, the $1.389 billion in P2P trading volumes on Binance between June 11 and July 13 represented 88% of all foreign currency sales executed by the central bank in June. The volumes also equaled 75% of Venezuela's monthly total oil exports. Grisanti stated that these numbers prove Binance "has moved beyond being a niche market to become one of the country's primary channels for buying and selling currency, reflecting the ongoing limitations of the traditional foreign exchange market."
In September, former Econalitica partner Adrubal Oliveros revealed that the Venezuelan forex market had pivoted toward the crypto system and stablecoins as the government faced U.S. sanctions, taking advantage of crypto payments received to settle oil sales. After the capture operation of Venezuelan leader Nicolás Maduro was executed in January, the Trump Administration has been progressively lifting sanctions, prompting a mild recovery of the formal forex sales market where the Venezuelan government is the main provider.
Grisanti Predicts Volume Decrease as Traditional Banking Recovers
Grisanti stated that the increase in dollar volumes offered by the central bank and reduced market segmentation should empower the traditional forex market again in the coming months. He concluded: "If the exchange 'normalization' process that we have been observing continues, we expect that the volume traded on Binance will gradually decrease, not because the demand for currencies falls, but because a greater part of these operations can be carried out through traditional banking."
FAQ
What did Ecoanalitica report about Binance P2P volumes in Venezuela between June 11 and July 13?
Ecoanalitica reported that Binance peer-to-peer USDT trading volumes in Venezuela reached $1.389 billion between June 11 and July 13, averaging nearly $44 million per day. Alejandro Grisanti stated the firm developed a new methodology to estimate the true size of Binance's national P2P market.
How do Binance P2P volumes compare to Venezuela's central bank forex sales?
The $1.389 billion in Binance P2P volumes between June 11 and July 13 represented 88% of all foreign currency sales executed by Venezuela's central bank in June and 75% of the country's monthly total oil exports, according to Ecoanalitica's estimates.
