Acts as a metalloprotease. Penetrates intact tissue and specifically cleaves the vesicle-associated membrane protein 2 (VAMP2) (part of the SNARE complex) involved in pancreatic secretion, thus disrupting the normal vesicular traffic (By similarity). Binds 1 zinc ion per subunit. Inhibited by EDTA. Expressed by the venom gland. Contains several disulfide bonds. Belongs to the venom metalloproteinase (M12B) family.