Service Domain Provider, fTLD Registry, Set to Ban Crypto Firms from .bank and .insurance Extensions

  • Bank-led top level domain registry set to ban fintech firms including cryptocurrency companies from .bank and .insurance domains.
  • fTLD releases the Registrant Eligibility Policy highlighting changes to domain registration
  • Cryptocurrency firms set to miss out on .bank and .insurance top level domains

FTLD released their Registrant Eligibility Policy late last week proposing changes to lock out fintech industry players, such as crypto firms from registering the .bank or .insurance top level domains (TLD).

The official draft is set to rewind the policies back to 2015 when the .bank domain appeared for government-regulated retail bank, savings association, national bank, or bank holding or parent company only.

The registry, which is heavily run by banks and financial service institutions, is inviting the public to give comments on the proposed draft. The public comment session will run till August 24th 2019.

The .bank and .industry domains are some of the most prestigious TLDs, with the annual fee going upwards of $1000 USD. Furthermore, the registry has tough regulations and standards to offer these types of domains hence the current debacle with crypto firms.

Speaking to Mashable, the senior director of compliance and policy at fTLD, Heather Diaz, said the company is moving back to the original use case of the .bank domain – providing infrastructure for bank’s core processors. She said,

“The original purpose of the Service Provider category was to enable banking core processors to provide infrastructure (e.g., online banking services) using a .BANK URL or to provide DNS and/or hosting that is compliant with fTLD’s Security Requirements.”

Since the launch if the .bank domain in 2015, the registry has been receiving a workload of requests from fintech companies to register using the TLD. However, no cryptocurrency company has received the .bank or .insurance domains yet from the fTLD according to Diaz.

She further said that the registry is trying to “secure the trusted space” by only allowing regulated banks and financial institutions to use the domains.

The FTLD registry further released a list (not exhaustive) of a number of institutions facing a potential ban from using the top level domains. The list includes peer-to-peer payment providers (P2P), non-banking financial institutions, money transfer application companies and other intermediaries between companies and banks.

EnCirca, one of the largest holders of the .bank domains, announced they will be launching the .ETH top level domain for cryptocurrency firms. The deadline for application on the .eth domains is this coming Saturday, August 10th 2019.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,469FansLike
2,795FollowersFollow
4,235FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today