Bitfinex Denies Listing Venezuela’s Petro Token Anytime Soon

Venezuela

Bitfinex‎ points to US President Trump’s executive order, which prohibits US ‎citizens from engaging in Petro ‎transactions. ‎

Bitfinex, the world’s biggest Bitcoin exchange by trading ‎volume, on Tuesday said it would not be updating its list of cryptocurrencies on offer to add Venezuela’s newly released cryptocurrency, the petro.‎

‎In its blog post explaining the decision, Bitfinex‎ pointed to United States President Donald Trump’s executive order which prohibits US citizens from engaging in ‎transactions using the oil-backed digital currency.

Bitfinex‎ explained that as of the date of its statement, it had no “plans to include the PTR or similar tokens in the Bitfinex ‎trading platform.”

Bitfinex said that it would always consider elements such as liquidity and security when ‎evaluating possible inclusions. The popular crypto exchange has also barred its contractors and employees from buying, selling, trading, and transacting in any way with the PTR, effective immediately.

“‎This restriction extends to all customers of the platform, ‎including US persons, and to all activities on Bitfinex, including deposits, ‎financing, trading, and withdrawals,” it further stated.

In spite of the attention-grabbing headlines, Venezuela’s ‎own cryptocurrency hit another snag last week, as ‎US authorities once more sounded the bell ‎to remind American investors about the sanctions that the US ‎maintain on the South American country.‎

The decision bars all people and companies subject to US jurisdiction from touching the newly-issued ‎virtual coin, ‎since it constitutes, in essence, a government debt ‎issuance.‎ Trump authorized the US Treasury ‎Department to issue any necessary regulations to enforce his order.‎

In the meantime, some analysts argue the vast majority ‎of frenzy surrounding PTR is either a scam or far too ambitious for ‎its own good.

Earlier in December, the CFTC ordered Bitfinex to ‎provide more information about Tether, ‎which is a token ‎backed by US dollar deposits, with each ‎token always ‎worth one dollar, as both Bitfinex and Tether share the ‎same CEO, ‎Jan Ludovicus van der Velde.‎

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