Domain extensions such as .bank and .insurance. may be prohibited for use by crypto companies. Crypto companies could lose service provider domain names.

Due to an alleged uptick in applications for .bank domain names by crypto firms, fTLD Registry Services, a domain name system (DNS) registry, announced it is looking to restrict DNS extensions from generic banking “service providers.” 

The .bank domain was originally reserved for government-regulated retail banks, savings associations. Also, the national banks, or bank holding companies, and costs approximately $1,000 to host per year.

Mashable was told by Heather Diaz, fTLD director of compliance and policy:

“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.”

Crypto companies could lose service provider domain names. She said fLTD is trying to “further secure these trusted spaces,” by reinstating the old restrictions. The fact that the registry has never accepted a crypto company’s application for a .bank domain name was also disclosed by Diaz.

The following are included in this potential freeze:

  • P2P payment providers
  • money transfer businesses
  • microloan providers

The topic has been opened to public comment until August 24, as the company hasn’t formally enacted the restrictions.

According to fTLD data, competing registrar EnCirca, launched an Ethereum naming service (ENS) in July to provide domain names at .eth locations. EnCirca currently hosts 61 percent of the .bank domain names registered.

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