Cryptocurrency Companies Are Banned From Registering Dot Bank Domains

Domain Registry Services ( fTLD ) will be banning Cryptocurrency and/or virtual currency related companies and services from registering a .Bank and .Insurance domain names. This was mentioned on fTLD’s updated policy.

This new ban also covers Peer-to-peer payment providers (P2P), other money transfer application companies and non-banking financial institutions from using fTLD services.

.Bank domain name costs around $1,000 per year. To qualify to register a new .Bank domain name, the registrant must be a government-regulated retail bank, savings association, national bank, or bank holding or parent company.

The .BANK and .INSURANCE top level domains are operated by fTLD Registry Services, LLC—a coalition of banks, insurance companies and financial services trade associations from around the world—which ensures it is governed in the best interests of banks and insurance companies and their customers. fTLD has a deep understanding of the banking and insurance communities, their customers’ and their institutions’ needs. fTLD’s mission is to operate a trusted, verified, more secure and easily-identifiable online location for these financial companies and their customers.

Any entity can create and operate its own top level domain name TLD. That will cost $185,000, plus an annual $25,000 fee to ICANN ( the organization that oversees and manages IP addresses and the domain name system).