Bitfinex Adds UNUS SED LEO Utility Token To Trading Platform

Bitfinex Adds UNUS SED LEO Utility Token To Trading Platform

May 20, 2019

Cryptocurrency exchange Bitfinex added a UNUS SED LEO utility token, which can be used for various exchange-related activities.

The token began trading earlier today and will be tradable against Bitcoin (BTC), US dollar (USD), Tether (USDT), Ether (ETH), and EOS (EOS).

The token release comes close on the heels of the completion of a private sale of 100 percent of outstanding UNUS SED LEO tokens in exchange for one billion USDT worth of BTC, USD, and USDT.

In December last year, Bitfinex had listed four more US dollar-backed stablecoins for trading – Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC), and Gemini Dollar (GUSD). It already support Ethereum-backed collateralized stablecoin DAI since April 2018 and the Tether (USDT) since January 2015. All the six stablecoins are pegged 1:1 to the US dollar.

Last week, the exchange had said the New York Supreme Court granted its motion to modify injunction obtained by the New York Attorney General or NYAG against its business. The court’s order allows Bitfinex and its affiliated stablecoin issuer Tether to continue their normal business activities.

In late April, NYAG’s office said an investigation by prosecutors found that Bitfinex lost around $850 million in customer and corporate funds, and then used funds from Tether to secretly cover the shortfall. NYAG then obtained a court order against iFinex Inc., which operates Bitfinex and Tether, warning it not to violate New York law and defraud New York residents in future.

In the latest order, the court ruled that Tether cannot loan any assets to Bitfinex or other parties, except in the normal course of conducting its business.

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