Bitfinex Exchange Won’t Support The Venezuelan Petro

Investing, News, Regulation | March 27, 2018 By:

The Bitfinex exchange has issued a statement saying it will not support Venezuela’s Petro coin, which is purportedly backed by that country’s oil reserves.

Bitfinex cited recent sanctions imposed by the US and others to isolate the socialist country, saying the Petro “could be construed as an attempt to circumvent legitimate sanctions against the (government).”  The post also mentioned the country’s “limited utility.”

The Petro has allegedly raised at least $750 million in a pre-sale of the coins, and some local reports peg the tally as high as $5 billion. A reent report suggested that Russia is working to prop up the country and beta test using a sovereign crypto for avoiding sanctions by purchasing the coin, although Russia denies any involvement.

President Donald Trump issued an executive order earlier this month banning US citizens from transacting with the Petro in any manner.

Bitfinex continue, stating that all similar tokens that appear to contravene US sanctions will also be excluded from the platform. Finally, the blog post says that all employees of the company are also prohibited in dealing with the PTR or similar tokens “effective immediately.”

Those wishing to buy the PTR tokens can pay for them using bitcoin, ether, Litecoin, the Chinese yuan, Turkish lira, euros, and Russian roubles.