Published On: Sat, Feb 4th, 2017

Venezuela Shuts Down Bitcoin Exchange, Arrests More Miners

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Venezuela’s largest Bitcoin exchange Surbitcoin is no longer trading locally after its bank suddenly suspended withdrawal and deposit services.
Surbitcoin To ‘Establish New Business Structure’
In a statement Thursday, the exchange said it would be forced to cease operations for at least two weeks while it “establishes a new business structure with new improvements and security measures.”
Users had only one day to withdraw funds, the February 3 deadline having already passed. Any capital still held faces an “uncertain” future, it is reported, with the two-week offline period was not guaranteed.

“We hope the situation is restored to begin to process your withdrawals,” Surbitcoin subsequently wrote on its Facebook page.
The exchange has its physical presence in the US but has faced a raft of problems with its Venezuelan bank Banesco in recent times, local news resource Diario Bitcoin reports. Delayed payments and hold-ups due to problematic banking infrastructure mean that this total suspension comes as less of a surprise.
Crackdown Fears
Venezuela is currently a tense arena for Bitcoin users. Last month, four people were arrested for running a Bitcoin mining operation in what officials said was undermining …

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