fTLD Registry Services, a domain name registration service (DNS), has just announced it plans to ban cryptocurrency companies from accessing several domain names.
It has been reported that more and more crypto companies want to get a .bank domain, which costs $1,000 per year and gives its holder a certain prestige within the sector, since this is a domain that has been traditionally reserved for government institutions, savings associations and national banks.
Crypto-related companies are not the only ones affected by this measure, as P2P payment providers, money transfer companies and microcredit providers will not be able to register this domain either.
One of the requirements to apply for this domain is the payment of $1,000 per year as well as being a financial service provider.
Heather Diaz, senior director of compliance and policy at fTLD, said in a statement to Mashable:
"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."
However, since things have evolved significantly and more and more companies fall within the definition of financial services provider, new measures are needed to restrict access to the .bank domain.
The company has not made any official decision yet, it has opened the decision to public comment til August 24.
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