Bitfinex Moves Derivatives Trading to El Salvador
Date: 2025-01-10 Author: Gabriel Deangelo Categories: BUSINESS
The platform has notified users that they must agree to the new terms of service set by Bitfinex Derivatives El Salvador SA de CV in order to continue using the service. Until now, the operational functions were carried out by iFinex Financial Technologies Limited, based in the Seychelles.
The exchange representatives emphasized that the move to El Salvador is connected with the ambitious goal of strengthening its position in the creation of a digital economy. “This license underlines our commitment to developing innovative trading solutions, especially in regions of Latin America where access to such services is limited,” the company noted.
This is already the second step of Bitfinex within the local regulatory system. Earlier, in January 2024, the tokenized platform Bitfinex Securities El Salvador SA de CV began operating. One of its significant projects was attracting investments for the construction of the Hampton by Hilton hotel at the San Salvador airport. The project, implemented by Inversiones Laguardia SA de CV, involved selling HILSV tokens via the Liquid Network bitcoin sidechain with the goal of raising $6.25 million. However, in July it became known that the minimum funding target of $500,000 was not reached, and the company decided to return the funds to investors.
It is worth noting that El Salvador President Nayib Bukele, known for his bitcoin strategy, was re-elected for a second term in February 2024. At the end of the same year, the government reached an agreement with the IMF for financing of up to $3.5 billion, which imposes certain restrictions on the country's cryptocurrency policy.
Despite these conditions, El Salvador continues to actively increase its bitcoin reserves, demonstrating a desire to strengthen the role of cryptocurrency in the economy.
