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 the Venezuelan Petro Token (PTR)https://t.co/EWpXGFKfBA — Bitfinex (@bitfinex) March 27, 2018

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.”

The Bitfinex team commented that the restrictions are applicable to all customers of the platform, not only US clients. They also relate to all activities on the platform, such as “deposits, financing, trading, and withdrawals.” The platform added that all of its “contractors and employees”, regardless of location, are also prohibited from transacting in the Petro.

Today, March 27, Cointelegraph reported that a Russian government official told reporters the Petro coin had not been offered to pay off Venezuela’s debt to Russia.