Bitcoin exchange temporarily shuts down amid Venezuela crackdown

Venezuela-based bitcoin exchange SurBitcoin has been forced to shutter its operations—albeit temporarily—as the government continues its crackdown on bitcoin mining businesses.

Last week, the bitcoin exchange told its clients to withdraw their cash and cryptocurrency balances after the company’s bank account at Banesco, Venezuela’s largest financial institution, was suddenly shut down.

In its announcement, SurBitcoin explained that its services will be down for several weeks while its executives forge new financial partnerships.

“We expect to resume operations in approximately two weeks,” the bitcoin exchange said.