Bitfinex Bars Petro and Any Other Venezuelan Coins Citing US Sanctions

Darryn Pollock
Bitfinex will have nothing to do with the Venezuelan Petro, nor any other currency that emerges from the South American country.
Bitfinex Bars Petro and Any Other Venezuelan Coins Citing US Sanctions
Cover image via U.Today

Bitfinex, one of the bigger global cryptocurrency exchanges, has announced that it has no intentions of supporting the Petro, the Venezuelan oil-backed cryptocurrency or any other tokens that the country may issue in the future, citing US sanctions.

“We see the PTR as having limited utility,” the exchange wrote.

Adding that “it could be construed as an attempt to circumvent legitimate sanctions” against the Venezuelan government.

Bitfinex says its restrictions include not only the Petro “but may include other tokens as and when introduced in the future,” adding:

“We have never had plans to include the PTR or similar tokens in the Bitfinex trading platform. In light of the US sanctions and the other clear sanctions risks of dealing in these products, Bitfinex will not list or transact the PTR or other similar digital tokens.”

About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.