Venezuela's Petro token will not trade on Bitfinex: The cryptocurrency exchange withdraws its support

The oil-backed Petro token has encountered varying reactions from different countries, leaders and institutions. Some have come out to praise the project at the same time, the token has had a fair share of pessimists trolling on it.

One of the largest cryptocurrency exchange platforms, Bitfinex has today announced that it will neither accept nor support the Petro. The reason for such a move is because the United States President, Donald Trump, barred its citizens from purchasing the token.

The exchange company says that it does not see much value coming from Venezuela’s Petro token. Adding that the digital asset has very little to offer in terms of utility in the current financial markets.

Bitfinex has also locked out any activities involving Petro; from trading, deposits, withdrawals as well as financing. Besides, all nationalities not just the US citizens have been barred from holding Petro on Bitfinex.

The token has been viewed as a way that the President of Venezuela, Maduro to escape US sanctions. There have been reports of the Russians playing a hand in helping Maduro escape the sanctions. Read more here on Petro token.