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Crypto firms will find it hard to acquire .bank domain extension now



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It was recently revealed that the fTLD, a domain name system [DNS] registry, was contemplating a proposal to change the eligibility policy for registered domains after it was believed that the DNS registry was looking to restrict the increasing number of crypto companies that were using the .bank domain application.

According to the newly proposed policy, the changes that would be implemented by the DNS registry would eradicate the “service provider” category. It was stated in the policy that organizations would require relevant government-regulations in order to attain the .bank domain. This was viewed as a massive blow to the virtual asset companies as the updated policy mentioned that P2P payment providers, money transfer application organizations and non-banking institutions would be largely illegible for the .bank extension.

Heather Diaz, Senior Director of compliance and policy at fLTD, remarked

“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. We’re making this move to further secure these trusted spaces.”

fLTD also initiated a public hearing period for a time period of 30 days which dated from July 25th, 2019 to August 24th, 2019. The hearing period was established to acquire a general community reaction regarding changes introduced.

At press time, there were 7 comments present in the section and to the dismay of the crypto companies, a majority sided with fLTD’s proposed changes.

Adam Sanberg of Bridge Community Bank commented,

As an early adopter of .BANK and member of the Advisory Council, we also voted in favor of these changes to maintain the integrity and security of the domain.”

Another person, Paul Abramson of Montecito Bank and Trust, remarked,

We participated in the recent discussion about these changes and also support the proposed amendments. Thanks!”

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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