Bitfinex relocates its derivatives trading service to El Salvador

Bitfinex’s crypto-derivatives trading will now be provided by a company registered and licensed in El Salvador.

? Bitfinex Derivatives has been awarded a Digital Asset Service Provider licence in ?? El Salvador — a monumental step in our global expansion.

The new licence supports El Salvador as a key digital asset financial centre.
Discover more:https://t.co/vPGO01clhp pic.twitter.com/79hdbBHONX

— Bitfinex (@bitfinex) January 7, 2025

The bitcoin exchange warned users that they must accept the terms of service of Bitfinex Derivatives El Salvador SA de CV to access the service.

Until January 7, 2025, the derivatives unit was operated by Seychelles-based iFinex Financial Technologies Limited.

Bitfinex announced the relocation of its derivatives business to El Salvador immediately after obtaining a digital asset service provider licence in the country.

“With this licence, we are proud to move Bitfinex Derivatives to El Salvador — a country leading the way in building a robust digital economy. This step strengthens our mission to provide innovative trading solutions, especially in underserved regions of Latin America,” the exchange said.  

This is the second regulatory approval for Bitfinex’s entities in the jurisdiction. In January 2024, Bitfinex Securities El Salvador SA de CV, a platform for tokenised securities, began official operations in the country.

In April, the company announced the issuance of digital debt to finance construction of a Hampton by Hilton hotel at the country’s international airport. Inversiones Laguardia SA de CV, the firm behind the product, aimed to raise $6.25 million through the sale of HILSV tokens on Bitcoin’s Liquid Network sidechain.

In July, Bitfinex Securities said it would return funds — it failed to raise even the minimum $500,000.

In February, the architect of El Salvador’s bitcoin strategy, President Nayib Bukele, was re-elected for a second term.

At the end of 2024, the government reached an agreement with the IMF on a financing package of up to $3.5 billion. The deal provides for certain restrictions on the state’s cryptocurrency policy.

Despite this, the authorities have been buying bitcoin “at an accelerated pace”.