Three Arrested for Buying Currency from BCV and Selling on Binance

The Bolivarian National Police (PNB) arrested three alleged members of the organization "Los Binanceros" in the state of Zulia. The detainees were acquiring dollars at the legal rate of the Central Bank of Venezuela (BCV) to resell them at a higher price, constituting illegal arbitrage. They obtained cash dollars through auctions and exchange desks of the regulated national banking system and then converted those funds into the stablecoin USDT on the Binance exchange, marketing them in the P2P market at the price of the unofficial currency. The exchange rate of USDT in Venezuela reached 919 bolívares on August 24, while the BCV exchange rate was set at 784 bolívares, creating a differential that incentivized these operations.

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