Bitfinex

What Bitfinex does

Bitfinex is a centralized cryptocurrency exchange founded in 2012/2013 by iFinex Inc., headquartered in Taipei with operating entities in Hong Kong, El Salvador, and the British Virgin Islands, and structurally affiliated with Tether Holdings Ltd. via the shared iFinex parent. The platform supports spot trading across 350+ cryptocurrency markets, margin trading with up to 100x leverage, derivatives (perpetuals, futures, and options through Thalex integration), peer-to-peer funding/lending, staking (including ETH2), and tokenized securities issuance via Bitfinex Securities Ltd (Astana) and Bitfinex Securities El Salvador S.A de C.V. Distribution runs through a self-serve web platform (trading.bitfinex.com), native iOS and Android applications, REST and WebSocket APIs, and a dedicated OTC desk for institutional clients. The platform reports 99.9% uptime and a comprehensive feature set including Bitfinex Alpha proprietary research, the UNUS SED LEO utility token, and a reporting app for portfolio analytics.

The business model has been fundamentally restructured: in December 2025, Bitfinex permanently eliminated maker and taker trading fees across spot, margin, derivatives, securities, and OTC, removing its primary historical revenue stream. Operations are now sustained by withdrawal fees and by a peer-to-peer lending book that generates 17%-20% returns on user-deposited funds, alongside capital markets revenue from tokenized securities issuance. Customer segments span retail traders, professional/active traders, and institutional clients, with the OTC desk and dedicated institutional services tier serving large-volume accounts. Bitfinex once commanded 10%-20% of global crypto spot volume in 2018 but now holds less than 1%, a contraction that contextualizes the zero-fee pivot and aggressive product and geographic expansion into tokenized securities and stablecoin-anchored blockchain investments.

The company sits within a controversial risk profile: a 2016 security breach resulted in the theft of approximately 120,000 Bitcoin, and Bitfinex and Tether are co-defendants in ongoing class-action litigation alleging Bitcoin market manipulation, with a Second Circuit appeal pending. Against this backdrop, Bitfinex is actively repositioning through strategic equity investments in stablecoin infrastructure (Stable, Plasma), regulatory expansion into El Salvador and Kazakhstan, and content-led brand building via its cited research reports, all leveraged by Tether's roughly $200 billion in assets under management.

Name

Bitfinex

Legal name

iFinex Inc.

Website

https://bitfinex.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

251–500 employees

Short description

Bitfinex is a centralized cryptocurrency exchange offering spot, margin (up to 100x), derivatives, lending, and tokenized securities across 350+ markets to retail, professional, and institutional traders globally, operated by iFinex Inc. alongside Tether.

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA)

akta.pro secondary industries

Centralized Crypto Exchanges (CEX) (FSAPADAA), Margin Trading & Collateralized Borrowing (Exchange-Operated) (FSADAAAL), Options & Structured Products DEXs (FSADABAF)

Keywords

• Cryptocurrency exchange
• Spot margin trading
• Derivatives perpetual contracts
• Tokenized securities platform
• Peer-to-peer crypto lending

Headquarters

HQ city

Taipei

HQ country

Taiwan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Withdrawal fees: Following the elimination of trading fees (maker and taker) across all trading venues (spot, margin, derivatives, securities, OTC), Bitfinex sustains operations primarily through withdrawal fees charged to users when transferring funds off the platform.
2. Peer-to-peer lending revenue: Revenue generated from the peer-to-peer lending platform (funding/lending) where Bitfinex earns returns of 17%-20% on lending activities. This constitutes a major revenue stream alongside withdrawal fees and supports the zero-fee trading strategy.
3. Capital markets services: Services related to capital markets operations, including tokenized securities issuance and trading, which contribute to revenue alongside the primary zero-fee trading model.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

Bitfinex is a digital asset trading platform operating a cryptocurrency exchange that supports spot trading across 350+ markets, margin trading with up to 100x leverage, derivatives (perpetuals, futures, options via Thalex integration), peer-to-peer lending and funding, staking, and tokenized securities issuance and trading. The platform operates a zero maker/taker fee model sustained by withdrawal fees and P2P lending revenue, with 99.9% uptime, REST/WebSocket APIs, and dedicated mobile applications for iOS, Android, and APK.

Product overview

Bitfinex operates as a comprehensive cryptocurrency exchange platform with a modular architecture offering multiple interconnected services. The core platform consists of the Exchange (spot trading), Derivatives (perpetuals, futures, options via Thalex integration), and Securities (tokenized assets) platforms. Supporting modules include Margin Trading, Lending/Funding, Staking, and Borrow services for leveraged and collateralized finance. Additional offerings encompass the OTC desk for institutional trades, Mobile App for on-the-go access, and the Reporting App for analytics. The ecosystem is enhanced by the UNUS SED LEO utility token and Bitfinex Alpha research service. The platform supports trading across 350+ markets with up to 100x leverage and has evolved to include zero-fee trading as of December 2025.

Differentiator

Problem solved

Functional benefit

Brands

• UNUS SED LEO: Utility token for Bitfinex ecosystem
• Bitfinex Securities
• Bitfinex Derivatives
• Thalex

Products and services

• Bitfinex Exchange (Spot Trading) Flagship cryptocurrency spot exchange offering zero-fee trading across 350+ markets with deep liquidity, advanced charting tools, and multiple order types including limit, market, stop, and trailing stop orders. Designed for retail and professional cryptocurrency traders globally.
• Bitfinex Derivatives Derivatives trading platform offering perpetual swaps, quarterly futures, and options with up to 100x leverage, integrated with Thalex for derivatives execution. Includes advanced risk management tools and real-time settlement, targeting professional and institutional derivatives traders.
• Bitfinex Securities Regulation-compliant platform for tokenized securities providing issuance and trading of digital assets representing traditional securities. Operated through Bitfinex Securities Ltd (Astana, Kazakhstan) under VASP regulation and Bitfinex Securities El Salvador S.A de C.V. under the Digital Asset Services Providers Act, targeting institutional issuers and investors.
• Bitfinex OTC (Over-the-Counter) Institutional-grade over-the-counter trading desk for executing large-volume trades with dedicated support and minimal market impact. Provides personalized service for significant orders outside the standard order book, targeting institutional and high-net-worth clients.
• Bitfinex Margin Trading Leveraged cryptocurrency trading platform allowing traders to amplify positions with up to 100x leverage. Features customizable margin calls, liquidation protection mechanisms, and automatic funding matching, targeting active professional and retail traders.
• Bitfinex Lending/Funding Peer-to-peer lending and funding platform connecting borrowers and lenders for margin funding and term loans. Lenders earn interest of 17%-20% on deposited funds while borrowers access leverage, generating significant revenue for the platform.
• Bitfinex Staking Staking service allowing users to earn rewards by holding proof-of-stake cryptocurrencies, including Ethereum 2.0 (ETH2) staking with automatic rewards distribution. Targets long-term crypto holders seeking passive yield.
• Bitfinex Borrow Cryptocurrency-backed lending service enabling users to borrow fiat or stablecoins using their crypto holdings as collateral without selling their assets, targeting long-term holders seeking liquidity.
• UNUS SED LEO (Utility Token) Native utility token of the Bitfinex ecosystem providing fee discounts, reduced withdrawal fees, and benefits across the platform. Operates through a dedicated portal at leo.bitfinex.com, functioning as a tiered value proposition for token holders.
• Bitfinex Reporting App Standalone trading analytics and reporting tool enabling users to track performance, analyze gains/losses, generate tax documents, and monitor portfolio metrics across their Bitfinex trading activity.

Quantifiable outcome

• Zero maker and taker fees across spot, margin, derivatives, securities, and OTC
• +3 more outcomes

Segments1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature12 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Thalex (Thalex Digital Trading Platform Ltd.)coreTechnology or Integration · 18 December 2025Thalex provides the derivatives trading infrastructure for Bitfinex, enabling futures and options trading on the platform. Available through an integration with Thalex Digital Trading Platform Ltd.
• StableminorStrategic or Co-development Partner · 9 December 2025Bitfinex participated in a $28 million seed funding round for Stable, a Layer 1 blockchain network for stablecoins and payments, alongside lead investors Hack VC. Stable launched its StableChain Mainnet with USDT as the native gas token and strategic partnerships including Anchorage Digital and PayPal. Bitfinex Securities serves as the regulatory and operational partner for the tokenized securities ecosystem.
• KraneSharesminorStrategic or Co-development Partner · 6 November 2025Tether, Bitfinex, and KraneShares entered a strategic partnership to accelerate the development of tokenized securities markets. The collaboration leverages Hadron by Tether for technology infrastructure, Bitfinex Securities for regulatory and operational functions, and KraneShares for ETF expertise. The tokenized assets market is projected to reach nearly $10 trillion by 2030.
• BitrefillminorChannel Partner/ Reseller/ DistributorThird-party partner enabling Bitfinex users to purchase gift cards and other services directly through the platform, expanding the utility ecosystem for users.
• Hadron by TethercoreTechnology or IntegrationHadron by Tether serves as the technology infrastructure for tokenized securities issuance and management, integrated with the Bitfinex Securities platform to enable regulatory-compliant tokenized asset offerings.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Binance: World's largest centralized crypto exchange by trading volume, offering spot, margin, derivatives, lending, and staking across 350+ markets. Direct competitor to Bitfinex in nearly every product vertical, with significantly deeper liquidity.
• Coinbase: U.S.-listed leading centralized crypto exchange serving retail and institutional clients with spot trading, derivatives, custody, and staking. Comparable product breadth to Bitfinex but with a regulated U.S. footprint and stronger retail brand.
• Crypto.com: Major centralized crypto exchange and app with spot, derivatives, staking, and a regulated U.S. presence. Comparable product breadth with stronger consumer brand and Visa card integration.

Direct peers

• Kraken: Long-running U.S.-headquartered cryptocurrency exchange offering spot, margin, futures, and staking. Comparable to Bitfinex in product breadth and longevity, with stronger regulatory standing.
• OKX: Global centralized crypto exchange offering spot, derivatives (perpetuals, futures, options), margin trading, and Web3 wallet services. Comparable product mix to Bitfinex with strong derivatives and pro-trader focus.
• Bybit: Derivatives-focused centralized crypto exchange offering perpetuals, futures, options, and spot trading with up to 100x leverage. Direct competitor to Bitfinex's high-leverage derivatives offering.
• KuCoin: Global centralized exchange offering spot, margin, derivatives, lending, and staking across a broad token catalog. Comparable horizontal product breadth to Bitfinex with a similar offshore profile.
• HTX (Huobi): Long-running centralized crypto exchange (rebranded from Huobi) offering spot, derivatives, and lending. Historically one of Bitfinex's closest competitors in pro-trader and margin-trading segments.
• Gate.io: Established centralized crypto exchange offering spot, margin, derivatives, and lending with a long-tail token focus. Comparable product mix and similar target audience of active traders.
• Bitstamp: One of the longest-running centralized crypto exchanges, now owned by Robinhood. Comparable to Bitfinex in longevity and pro-trader focus, with a stronger regulated European footprint.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/bitfinex
• YouTubeyoutube.com/@BitfinexExchange
• LinkedInlinkedin.com/company/bitfinex

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments17 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bitfinex