iFinex, Parent Company of Bitfinex Exchange, Secures New Offshore Banking Services

Bitfinex’s parent company, iFinex appointed a new offshore services provider. A trademark application gives iFinex’s address as care of SHRM Trustees (BVI) Ltd marking a change from earlier trademark applications, including one that was filed in June 2017, which gave the address of Estera Corporate Services (BVI) Ltd.

Estera and SHRM are registered in the Road Town, the capital of British Virgin Islands. Estera (who changed their name to Appleby) worked as the director of Tether. Notably, Tether has been linked to Bitfinex who share common shareholders. Additionally, Tether Holdings Ltd is registered with the same address as iFinex.

The SHRM Group of Companies (“SHRM”) consists of five stand-alone, owner-managed companies that collectively operate under the SHRM name. The offices are located in Luxembourg, British Virgin Islands (“BVI”), Hong Kong and New Zealand, that together offer a broad spectrum of products and services to comprehensively service clients’ financially diverse and often dynamic circumstances. They create opportunities to utilize the benefits provided by offshore financial centers in the fund and corporate structuring, tax planning, wealth preservation & protection, and cross-border investment.

The MD of Estera Corporate Services, Gareth Thomas, reinforced that iFinex is not a client of Estera. The change of iFinex’s in offshore service providers recalls a long search for a stable banking partner.

They collectively lost their service to Taiwanese banks in early 2017, when Wells Fargo interfered. They later tied up with Noble Bank in Puerto Rico but even that didn’t last too long. Now, Tether has ties with Deltec in the Bahamas.

Bitfinex and Tether have been very controversial in recent months. The exchange introduced a 3% fees to slow down the rate of withdrawals which was taking weeks to process. EvenTether faced adversity when Nobel Banks funds were being questioned. It’s value dropped significantly but after the Deltec tie up it quickly stabilized.