Bitfinex: licences, security, fees and reviews
Centralized exchange
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Key facts
- Type
- Centralized exchange
- Exchange launched
- 2012
- Country of registration
- British Virgin Islands
- Operator
- BFXWW Inc.
- Official site
- bitfinex.com
Key facts checked on 29 October 2026 against official sources and regulator registers.
What is Bitfinex
Bitfinex is a centralised digital asset exchange founded in 2012. Users outside the US contract with BFXWW Inc., a British Virgin Islands company in the iFinex Inc. group. It offers spot and margin trading, peer-to-peer margin funding, derivatives, an OTC desk and staking.
Good to know
- Users outside the US contract with BFXWW Inc., a British Virgin Islands company; the terms are governed by British Virgin Islands law. ↗
- CNAD's register lists BFXWW El Salvador, S.A. de C.V. (PSAD-0083) as active, with registration date 23 April 2026; Bitfinex announced this licence on 12 May 2026. ↗
- Under the terms of service, US persons, Canadian persons, residents of Japan (except registered Japanese crypto-asset exchange service providers trading for their own account), UK users not assessed as exempt from the UK financial-promotion restriction, and sanctioned persons are Prohibited Persons, barred from using the platform. ↗
- A separate homepage notice to U.K. customers (shown by region, so not visible from every country) describes the UK restriction more narrowly than the terms: since 10 January 2024 individual UK residents, and UK customers who do not meet a relevant exemption, are no longer eligible to access certain services because of UK financial promotion rules. ↗
- In a homepage notice for Argentina (shown by region, so not visible from every country), Bitfinex states that BFXWW Inc. does not carry out regulated virtual asset activities in Argentina and is not registered there as a virtual asset service provider. ↗
- Trading has no maker or taker fees, but lenders in margin funding pay Bitfinex 15% of the interest they earn (18% for hidden offers). ↗
- Under the terms, balances are not segregated assets held in the user's name; they are only reflected in Bitfinex's books and records. ↗
- Tokenised securities are offered separately by Bitfinex Securities Ltd (Astana, AIFC) and Bitfinex Securities El Salvador; options are offered through Thalex Digital Trading Platform Ltd. ↗
- The AIFC register lists Bitfinex Securities Ltd. as an active private company in Astana, Kazakhstan, registered on 11 May 2021. ↗
- The New York Attorney General found that in 2018 Bitfinex suffered an undisclosed loss of about $850 million held by the payment processor Crypto Capital Corp. ↗
Services
| Parameter | Details |
|---|---|
| Spot trading | More than 180 spot trading pairs. |
| Margin | Margin trading financed by other users through a peer-to-peer funding order book, up to 10:1. |
| Derivatives | More than 80 perpetual contracts and futures; options through an integration with Thalex Digital Trading Platform Ltd. |
| OTC | OTC desk for large trades directly with a counterparty, off the public order books. |
| Staking / Earn | Margin funding (lending to other users), Bitfinex Borrow and staking of selected tokens held in user wallets. |
| Own token | UNUS SED LEO (LEO); holding LEO reduces peer-to-peer lending fees. |
| Fiat deposits | USD, EUR and GBP by bank transfer, including EUR and GBP via OpenPayd; manual international transfers start at 10,000. |
| Tokenised securities | Bitfinex Securities platform; not open to US, Canadian, Spanish, non-exempt Japanese or non-exempt UK persons. |
| Card | Buying crypto with a credit or debit card through the third-party providers Mercuryo and Simplex. |
| Bank transfers via OpenPayd | EUR and GBP wires via OpenPayd; USD wires only for residents of listed European countries; a list of excluded countries applies. |
Licences and registrations
| Jurisdiction | Entity | Licence / registration | Regulator |
|---|---|---|---|
| El Salvador | BFXWW El Salvador, S.A. de C.V. | Digital asset service provider, register no. PSAD-0083, active, registered 23 April 2026 | Comisión Nacional de Activos Digitales (CNAD) |
| El Salvador | BFXNA El Salvador, S.A. de C.V. | Digital asset service provider, register no. PSAD-0082, active, registered 23 April 2026 | Comisión Nacional de Activos Digitales (CNAD) |
| El Salvador | Bitfinex Derivatives El Salvador, S.A. de C.V. | Digital asset service provider, register no. PSAD-0040, active, registered 6 January 2025 | Comisión Nacional de Activos Digitales (CNAD) |
| El Salvador | Bitfinex Securities El Salvador, S.A. de C.V. | Digital asset service provider, register no. PSAD-0001, active, registered 10 November 2023 (tokenised securities) | Comisión Nacional de Activos Digitales (CNAD) |
Status in the United States and the United Kingdom
- On 15 October 2021 the CFTC ordered iFinex Inc., BFXNA Inc. and BFXWW Inc. (d/b/a Bitfinex) to pay a $1.5 million penalty over illegal off-exchange retail commodity transactions with US persons and for breaching a 2 June 2016 CFTC order, under which BFXNA Inc. had paid $75,000. CFTC, releases 8450-21 and 7380-16
- On 23 February 2021 the New York Attorney General reached an agreement with iFinex (the operator of Bitfinex), Tether and their related entities, requiring them to stop all trading activity with New Yorkers and to pay $18.5 million in penalties. New York Attorney General, 23 February 2021
- FinCEN's MSB registrant search (updated 26 October 2026) lists BFXNA Inc., Trinity Chambers, Road Town, Tortola (BVI), the entity Bitfinex names for US persons, as a money transmitter (Wyoming), form received 20 November 2024; no iFinex or BFXWW entry. Entries are as provided by the registrant. FinCEN MSB Registrant Search; Bitfinex terms of service and privacy statement
- Bitfinex's help centre says no US person may use the platform or open an account. Its terms list as a Prohibited Person anyone using the services in the UK whom Bitfinex has not assessed as exempt from the financial promotion restriction in section 21(1) FSMA 2000. Bitfinex Help Center, U.S. Person FAQ; Bitfinex terms of service
- In the UK, a search of the FCA Financial Services Register for “Bitfinex” and for “iFinex” on 29 October 2026 returned no firms: no firm under either name is registered with the FCA, including for cryptoasset activities. FCA Financial Services Register
Checked on 29 October 2026 against regulator registers and the text of the law.
Proof of reserves as of 11 November 2022
Method: Public list of hot and cold wallet addresses on GitHub (last changed 12 December 2022) and a one-time statement of holdings; no reserve ratio against customer balances. ↗
Security and audits
- Bitfinex states that approximately 99.5% of assets are held in offline, multi-signature wallets.
- Accounts support two-factor authentication, U2F security keys, withdrawal whitelisting and PGP-encrypted email.
- The terms state that digital tokens and fiat on the platform are not covered by any government protection or insurance.
- In August 2016 a hacker took 119,754 bitcoin from Bitfinex; US authorities seized more than 94,000 of them in 2022, and the hacker was sentenced to five years in prison on 14 November 2024.
Fees
| Parameter | Details |
|---|---|
| Spot maker | 0% (spot and margin) |
| Spot taker | 0% (spot and margin) |
| Futures maker | 0% (derivatives) |
| Futures taker | 0% (derivatives) |
| Deposits | Crypto and stablecoins free; bank wire 0.100% (minimum 60 USD/EUR); OpenPayd 5 EUR/GBP up to 10,000 |
| Withdrawals | Bank wire 0.100% (minimum 100 USD/EUR); express wire 1.000% (minimum 125); transfers to other Bitfinex users free |
| Margin funding (lenders) | 15% of interest earned (18% for hidden offers); discount for LEO holders |
| OTC trades | 0% |
| Position takeover | 5% of the loss avoided when Bitfinex takes over a margin position instead of liquidating it |
| Token recovery | $150 when a deposit is missing a required tag, memo or payment ID |
| Inactivity fee | $5 per month may be charged after one year without trading or funding activity (terms of service) |
Who can use it
- Verification: Four levels: Basic Access (view-only), Basic Plus (photo ID, selfie, phone, address), Intermediate (second ID, proof of address, financial questionnaire) and Full (bank statement). Margin and lending need Intermediate (for accounts created after 1 March 2022; older accounts can use these with Basic Plus).
- Not available to US persons, Canadian persons, non-exempt residents of Japan, non-exempt UK users, the Government of Venezuela, sanctioned persons, or residents of Cuba, North Korea, Iran, Syria, Crimea and the self-proclaimed Donetsk, Luhansk, Kherson and Zaporizhzhia "People's Republics" (regions of Ukraine).
History
| Date | Event |
|---|---|
| 2012 | Bitfinex trading platform founded. |
| 2 June 2016 | The US CFTC ordered BFXNA Inc. (d/b/a Bitfinex) to pay a $75,000 civil penalty over off-exchange financed retail commodity transactions and failure to register as a futures commission merchant. |
| August 2016 | A hacker broke into Bitfinex and took 119,754 bitcoin in more than 2,000 unauthorised transactions. |
| April 2019 | The New York Attorney General obtained a court injunction against further transfers of assets between Bitfinex and Tether. |
| 23 February 2021 | Settlement with the New York Attorney General: iFinex, Tether and related entities to stop trading with New Yorkers and pay $18.5 million in penalties. |
| 15 October 2021 | The CFTC ordered iFinex Inc., BFXNA Inc. and BFXWW Inc. (d/b/a Bitfinex) to pay a $1.5 million civil penalty for illegal retail commodity transactions with US persons and for violating the 2016 order. |
| 8 February 2022 | The US Department of Justice announced the seizure of more than 94,000 bitcoin stolen in the 2016 hack. |
| 11 November 2022 | Bitfinex published its public wallet addresses on GitHub. |
| 10 January 2024 | According to Bitfinex's region-specific homepage notice for U.K. customers, individual UK residents lost access to certain services under the UK financial promotion rules. |
| 14 November 2024 | The 2016 hacker was sentenced in the US to five years in prison for money laundering conspiracy. |
| 6 January 2025 | Bitfinex Derivatives El Salvador was entered in CNAD's register of digital asset service providers (PSAD-0040). |
| 23 April 2026 | BFXWW El Salvador and BFXNA El Salvador were entered in CNAD's register of digital asset service providers; Bitfinex announced the licence on 12 May 2026. |
Risks and caveats
- Custodial platform: balances are recorded in Bitfinex's books rather than held as segregated assets, and are not covered by government protection or insurance.
- In 2016 a hack took 119,754 bitcoin from the platform.
- US regulators took enforcement action in 2016 and 2021 (CFTC), and a 2021 New York settlement bars trading with New Yorkers.
- Under the terms, US persons (with exceptions possible for Eligible Contract Participants at Bitfinex's discretion), Canadian persons and non-exempt Japanese and UK persons may not use the platform.
- Disputes go to confidential, binding arbitration on an individual basis; class actions are waived.
- For staked tokens, withdrawals can be delayed if other users’ withdrawals exceed the unstaked portion.
About the company
- Legal entity
- BFXWW Inc. (users outside the US); BFXNA Inc. (US persons, who are generally barred)
- Headquarters
- Registered address: Trinity Chambers, Road Town, Tortola, British Virgin Islands
- Parent company
- iFinex Inc., registered in the British Virgin Islands (company no. 1774852)
- Founded
- 2012 (trading platform)
- CEO
- JL van der Velde
- Other executives
- Claudia Lagorio (COO), Paolo Ardoino (CTO), Giancarlo Devasini (CFO)
- Own token
- UNUS SED LEO (LEO); for LEO purchases and repurchases on the Site, the data controller of users' personal information is Unus Sed Leo Limited (BVI, company no. 2102097)
- Entity for US persons
- BFXNA Inc., British Virgin Islands (company no. 1900848)
- Related company
- Tether; the New York Attorney General described Bitfinex and Tether as owned and controlled by the same small group of individuals
- Formerly
- Described by the CFTC in 2016 as a Hong Kong-based bitcoin exchange (BFXNA Inc.)
Official links
- Website: www.bitfinex.com
- Fees: www.bitfinex.com/fees
- Terms of use: www.bitfinex.com/legal/exchange/terms
- Security: www.bitfinex.com/account-security
- Public wallet addresses (GitHub): github.com/bitfinexcom/pub/blob/main/wallets.txt
- Licences: cnad.gob.sv/en/registro-publico-psad
- Blog: blog.bitfinex.com
Questions and answers
Is Bitfinex regulated?
El Salvador's CNAD register lists BFXWW El Salvador, BFXNA El Salvador, Bitfinex Derivatives El Salvador and Bitfinex Securities El Salvador as active digital asset service providers. The main contracting entity, BFXWW Inc., is a British Virgin Islands company.
Does Bitfinex publish proof of reserves?
Bitfinex has published its hot and cold wallet addresses on GitHub since 11 November 2022; in the same announcement it stated one-time holdings of 204,338 BTC and 1,225,600 ETH. It does not publish a reserve ratio against customer balances.
What are Bitfinex's fees?
Spot, margin and derivatives trades have zero maker and taker fees. Lenders pay 15% of the interest they earn; bank wires cost 0.100% with minimums; crypto deposits are free.
Who owns Bitfinex?
Bitfinex is run by BFXWW Inc. and its parent iFinex Inc., both registered in the British Virgin Islands. The New York Attorney General described Bitfinex and Tether as owned and controlled by the same small group of individuals.
Is Bitfinex available in the US?
Generally no. The terms bar US persons (including US citizens, residents and US passport holders), with exceptions possible at Bitfinex's sole discretion for Eligible Contract Participants; Canadian persons and non-exempt Japanese and UK persons are also excluded.
Has Bitfinex been hacked?
In August 2016 a hacker took 119,754 bitcoin from Bitfinex. US authorities seized more than 94,000 of them in 2022, and the hacker was sentenced to five years in prison on 14 November 2024.
How are Bitfinex and Tether related?
The New York Attorney General described Bitfinex and Tether as owned and controlled by the same small group of individuals. Under a 2021 settlement with the New York Attorney General, the companies agreed to end trading with New Yorkers and to pay $18.5 million in penalties in total.
Is Bitfinex available in the UK, Canada or Japan?
The terms list Canadian persons, residents of Japan (except registered Japanese crypto-asset exchange service providers trading for their own account) and UK users not assessed as exempt from the UK financial-promotion restriction as Prohibited Persons. A region-specific homepage notice describes the UK restriction as loss of access to certain services for individual UK residents since 10 January 2024.
Sources
- Bitfinex — Terms of Service (last updated 12 August 2026)
- Bitfinex — Privacy Statement
- Bitfinex — About us
- Bitfinex — Fees schedule
- Bitfinex — Account security
- Bitfinex Help Center — Verification levels at Bitfinex
- Bitfinex Help Center — U.S. Person FAQ
- Bitfinex blog — Bitfinex Secures Licence and Completes Its Regulated Footprint in El Salvador (12 May 2026)
- Bitfinex blog — proof of reserves and public wallets (11 November 2022)
- Bitfinex on GitHub — wallets.txt history
- CNAD — Public register of digital asset service providers
- AFSA — AIFC register of companies (Bitfinex Securities Ltd.)
- CFTC — Press Release 7380-16 (2 June 2016)
- CFTC — Press Release 8450-21 (15 October 2021)
- New York Attorney General — Bitfinex settlement (23 February 2021)
- US Department of Justice — seizure of bitcoin from 2016 Bitfinex hack (8 February 2022)
- US Attorney's Office, District of Columbia — 2016 Bitfinex hack case page
- US Department of Justice — Bitfinex hacker sentenced (14 November 2024)
- Bitfinex Help Center — Bitfinex Securities: prohibited persons and jurisdictions
- Bitfinex Help Center — Wire deposit and withdrawal with OpenPayd
- FinCEN MSB Registrant Search; Bitfinex terms of service and privacy statement
- FCA Financial Services Register
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