The Financial Services Authority (“the FSA/ Authority”) hereby issues this public statement, in line with section 28 of the Financial Services Authority Act, 2013 to notify the public that the Virtual Asset Service Providers Application submitted by Bitfinity Ltd. trading as BitexBit (“the Company”) for approval under the Virtual Asset Service Providers Act, 2024 (“the VASP Act / the Act”), has been rejected as of the 11th August 2026.
Bitfinity Ltd. was identified by the Authority as having been operating as a virtual asset service provider in or from Seychelles without the requisite licence or authorisation prior to and as at the enactment of the VASP Act on 1st September 2024. As a pre-existing virtual asset service provider, the Company had the ability to, pursuant to the transitional provisions under section 42 of the Act, which required existing VASPs operators to submit an application for a licence by 31st December 2024, in order to continue operations after the expiration of the period allotted for transitional period. Bitfinity Ltd. in failing to submit an application for the requisite licence was consequently not authorised to continue its service offering in or from Seychelles. Subsequently, the company was included in the Authority’s list of entities operating illegally, published on 14th February 2025. Accordingly, the company was considered to be operating unlawfully as from 1st January 2025.
In view of the Company’s continued unlawful operation, the Authority has since issued a Cease-and-Desist on the 30th October 2025, with a targeted public warning that was published on the 4th November 2025 in relation to the Company’s continued unlawful operations. Following the aforementioned publication, Bitfinity Ltd. submitted an application for a VASP licence to the Authority on 20th November 2025, after the expiry of the prescribed transitional period. The application was subsequently rejected on the basis that it was incomplete, including the Company’s failure to remit the prescribed application fee.
The public is hereby advised that the services offered by Bitfinity Ltd. prior to and as at the date of this publication are illegal and in direct violation of the VASP Act, 2024. The public is strongly advised to refrain from engaging in any transactions with Bitfinity Ltd. to avoid potential legal and financial risks. Any such engagement shall be done at your own risk.
The Financial Services Authority is actively undertaking necessary enforcement actions against Bitfinity Ltd. and any associated individuals or entities involved in the continued illegal operation.
For further inquiries or to report any related activities, please contact vass@fsaseychelles.sc.