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.biz registrars, requirements and history
The .biz top-level domain has been in use since 2001. The idea to introduce a number of new global top-level domains to reduce the domain on the .com top-level domain was part of the reason that .biz came around.
Unlike other domains, .biz was the first o lack allowing registrants to purchase their domains in advance before the top-level domain was released to the public. Intellectual property owners were able to file a claim through the Startup trademark Opposition Policy (STOP), and then they were allowed to take legal action.
Who Administers This TLD?
The .biz registry is managed by Neulevel, a company that is owned 90 percent by NeuStar. They allow accredited registrars to create new .biz TLDs.
On a related note, registrars must also use DNS servers approved by NeuStar when registering .biz domains. This is to prevent conflicts with unofficial domains that existed prior to the ICANN's approval of the .biz domain.
Requirements for Usage
Except for the fact that the owner of the domain must use the .biz TLD for business or commercial-related reasons, the .biz is a generic top-level domain with no real requirements for usage.
Purpose of the .biz TLD
The purpose of this global top-level domain is for it to be used by businesses as an alternative to the .com TLD. This is evident by the fact that .biz is the phonetic spelling for the first part of the word 'business'.
There exists a secondary use that came about as a consequence of the .biz TLD being introduced to the international community. In Turkish, 'biz' also means 'we'. Turkish domain owners have used this to make their domains spell out things like “We are the Turks”.