Bitfinex parent ropes in new offshore corporate services provider |

Bitfinex parent ropes in new offshore corporate services provider

Bitfinex parent ropes in new offshore corporate services provider

ifinex, Bitfinex’s parent company, has roped in a new offshore corporate services provider according to a report published by Jackal Intel. The report indicates that the trademark application of Bitfinex published on October 31 shows a different address from the address shown on a previous trademark filing.

The controversial company’s recent trademark application features iFinex’s current address as care of SHRM Trustees (BVI) Ltd while the previous application showed the address as care of Estera Corporate Services (BVI) Ltd.

The Mysterious Bitfinex

Bitfinex currently ranks as fourth largest crypto exchange by volume according to Coinmarketcap data. The exchange has been at the center of attention in the crypto space after losing multiple banking partners including Wells Fargo. The parent company hiring a new offshore corporate services partner might be a move to acquire a new banking partner for the exchange.

ifinex has hired SHRM trustees ltd, a financial services company based in British Virgin Islands. The company provides onshore and offshore corporate services to companies including formation and administration of these companies apart from a range of other services.

Digging into SHRM

Reportedly, SHRM has a connection with much disputed Bridgewaters company. Bridgewaters is allegedly under the control of an Alisher Usmanov, a man known to have close ties to Kremlin according to a BBC report. Bridgewaters is linked to deals involving Russian cash and has also stakes in Facebook. It also has a number of companies in British Virgin Islands under its control. According to Paradise papers, the Usmanov is secretly holds the ownership of these companies.

Mossack Fonseca also known as Mossfon, a law firm which previously managed Bridgewaters asked the company to reveal more information regarding its connections to the Usmanov. After Mossfon seeked for more information, Bridgewaters chose to find a new corporate services provider. “After Mossfon raised questions about compliance, Bridgewaters transferred most of its BVI companies to another financial services company, SHRM Trustees, in February 2015,” read the report.

Ifinex hiring SHRM suggests that Bitfinex might be in search of a new banking partner after it lost its recent partner, Noble Bank based in Puerto Rico. The company which shares management and shareholders with Tether Limited, the company behind the stablecoin Tether, has also been embroiled in Bitcoin manipulation allegations using Tether.


Author: Priyanka Babu
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