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After US Govt’s Ban, Now Bitfinex withdrew support for Venezuela’s Petro

On Tuesday, 27 March, Bitfinex (BFX) the major Hong Kong-based cryptocurrency exchange, Issued a Public Statement stating that the exchange wouldn’t bolster Venezuela’s reserve backed Petro (PTR) token, propelled by the government of Venezuela this February.

In their Blog Post, Bitfinex has expressed their views on Petro, that the way that the US had as of late restricted all US natives from buying Petro, and also another Venezuelan cryptocurrency that could be launched in future. They said that –

We see the PTR as having limited utility. In addition, it could be construed as an attempt to circumvent legitimate sanctions against the GOV.

Bitfinex is the leading exchange for USD-denominated Bitcoin trading, facilitates the US Dollar-based trading of cryptocurrency, Bitfinex committed that they will never be going to support  Petro or any other cryptocurrency like Petro.

We have never had plans to include the PTR or similar tokens in the Bitfinex trading platform. 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.

The Bitfinex group remarked that the confinements are applicable to all customers of the platform, not just US customers. They additionally identify with all activities on the platform, for example, “deposits, financing, trading, and withdrawals.” The stage included that the majority of its “contractors and representatives”, regardless of location, are likewise denied from transacting in the Petro.


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