Venezuela Binance P2P Hits USDT 1.389B, Rivals FX Sales

Ecoanalitica estimates Binance peer-to-peer trading in Venezuela reached USDT 1.389 billion between June 11 and July 13, a daily average of about USDT 44 million. The data cover trades on Binance’s P2P platform, used in Venezuela to buy and sell dollars and other currencies.

The consultancy compared the P2P total with official figures and oil export receipts. Ecoanalitica found the USDT volume equaled roughly 88% of the central bank’s reported foreign-currency sales in June and about 75% of one month’s oil export value.

Alejandro Grisanti, Ecoanalitica’s director and founding partner, described a new methodology the firm developed to estimate the national P2P market and noted that the volume has lifted Binance beyond a niche channel to become one of the country’s main channels for currency exchange, given limits in the formal forex market.

Ecoanalitica and former partner Adrubal Oliveros previously documented parts of Venezuela’s forex market moving to crypto platforms and stablecoins as firms and the state used crypto for some transactions under international sanctions.

The firm said U.S. sanctions were progressively lifted following a January operation involving Venezuelan leader Nicolás Maduro, and that relaxation has supported a modest recovery in formal forex sales where the central government remains the main supplier of foreign currency.

Grisanti warned that if the exchange ‘normalization’ process continues, a greater share of currency operations could move back into banking channels. He added that any decline in Binance volumes would reflect a shift of transactions into traditional banks rather than a fall in demand for foreign currency.

Ecoanalitica’s figures cover a 33-day window from June 11 to July 13 and are presented to show the scale of stablecoin flows in Venezuela’s currency ecosystem compared with formal channels.