Bitfinex Announces It Won’t Support Petro

petro, new virtual currency of venezuela

 

 

Bitfinex released a statement earlier this week, confirming that the company will not list the Venezuelan Petro token on its exchange. In the blog post that made the announcement, Bitfinex noted that the company considered the token to have “limited utility” and believes that the Petro’s real purpose may be to help that nation’s government avoid “legitimate sanctions.”

The statement cites the recent Trump administration decision to bar U.S. residents from engaging in any transactions involving the Petro or other digital tokens that the Venezuelan government may try to introduce in the future. Though Bitfinex claims that the company had no prior plans to list the Petro on its exchange, the post suggested that the sanctions issue figured prominently in the decision to refuse support for the token:

“In light of the U.S. 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. This restriction extends to all customers of the platform, including U.S. persons, and to all activities on Bitfinex, including deposits, financing, trading, and withdrawals.

Furthermore, all contractors and employees of Bitfinex, wherever situated, are prohibited from transacting in the PTR or other digital tokens as specified above, effective immediately.”

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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