Following a ban by US President Donald Trump on the Petro cryptocurrency issued by Venezuela, Hong Kong-based exchange Bitfinex has taken the decision to keep the digital coin off its platform.
In an announcement posted on its blog, the company said the Petro “purports to be a cryptocurrency backed by oil.”
“We see the PTR as having limited utility. In addition, it could be construed as an attempt to circumvent legitimate sanctions against the [Venezuelan government]... 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,” the exchange wrote.
Bitfinex added it would apply this restriction to its customers and all activities on the platform, perhaps implying that it will not tolerate any of its customers engaging in transactions with PTR.
The exchange also insisted that it “never had plans” to list PTR in the first place, but in the context of the US ban, it is now adamant about refusing the cryptocurrency access to its platform.
Bitfinex is under no obligation to reject PTR since it is based outside the US, but it is taking the initiative to make sure that the cryptocurrency never makes it to the exchange.
The Petro had a rocky start when the Venezuelan government first released details about the sale.
Although President Nicolas Maduro proudly announced that the cryptocurrency had raised $5 billion in the initial sale, the opposition disputed the claim by pointing to the fact there was no evidence of any money raised.
Maduro shrugged off these claims and continued with plans for what he says would be a gold-backed cryptocurrency.
If his claims about the Petro are true, that would make it the most unbelievably successful ICO in history.
This article appeared first on Cryptovest
