Crypto companies may be banned from hosting .bank and .insurance domain extensions.
fTLD Registry Services, a domain name system (DNS) registry, announced it is looking to restrict the DNS extensions from generic banking “service providers.” The proposal comes amid an alleged uptick in applications for .bank domain names by crypto firms.
Originally, the .bank domain was reserved for government-regulated retail banks, savings associations, national banks, or bank holding companies.
However, according to fTLD director of compliance and policy, Heather Diaz, told Mashable:
By reinstating the old restrictions, fLTD is trying to “further secure these trusted spaces,” she said. Oddly, Diaz also said the registry has never accepted a crypto company’s application for a .bank domain name.
The name costs approximately $1,000 to host per year.
Included in this potential freeze are P2P payment providers, money transfer businesses, and microloan providers. The company hasn’t formally enacted the restrictions, and has opened the decision to public comment until August 24.
Domain names via Shutterstock
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