Crypto Exchange Bitfinex Won’t Support Venezuela’s Petro, Following US Gov’t Ban

Hong Kong-based cryptocurrency exchange Bitfinex issued a public statement today, March 27, stating that the platform is not going to support the oil-backed Petro (PTR) token, launched by the government of Venezuela this February.

Statement on Venezuelan Petro Token (PTR) - Bitfinex blog
The government of Venezuela ("GOV") has recently introduced the Petro token ("PTR"), which purports to be a cryptocurrency backed by oil.

blog.bitfinex.com
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In its blog post on March 27, Bitfinex, the world’s number four crypto exchange by 24-hour trade volume, explained their decision citing the fact that the US had recently banned all US citizens from purchasing Petro, as well as other similar Venezuelan digital currencies that could be introduced in future. The exchange also wrote that it sees the coin as having “limited utility.”

“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.”