Altcoin News: Crypto Companies Have Been Proposed to Ban Certain Domain Names

August 6, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Cryptocurrency companies may be prohibited from using domain names in certain areas.

The domain registrar fTLD Registry Services has taken the initiative to restrict the access of multifunctional banking service providers to domains in .bank and .insurance zones.

According to fTLD, .bank domains are in demand among companies from the cryptocurrency space. Initially, they were reserved for regulated retail banks, savings associations, national banks and bank holdings.

“More recently, as the financial services arena has evolved, particularly as it relates to fintechs offering financial products/services (e.g., P2P payment providers, cryptocurrency companies), we have found that some prospective Registrants were seeking domains to enhance their legitimacy to market to regulated entities and/or consumers,” said Heather Diaz, fTLD Legal Compliance Director.

In an effort to restore previous restrictions, fLTD intends to “further secure these trusted spaces.” At the same time, Diaz said that her company never received applications from representatives of the cryptocurrency industry for registering a domain in the .bank zone.

Among other things, the ban is proposed to apply to companies in the field of money transfers and suppliers of microloans. The fTLD has not yet formally launched its initiative and is collecting public comments until August 24th.

Author: Marko Vidrih