The Seychelles Financial Services Authority has rejected the virtual asset service provider licence application of Bitfinity Ltd., trading as BitexBit, because it was incomplete and the prescribed application fee was not paid. The authority warned that the company’s services remain illegal and advised the public to refrain from transacting with it because of potential legal and financial risks. Bitfinity failed to apply by the Dec. 31, 2024, transitional deadline for existing providers and was therefore unauthorized to operate from Jan. 1, 2025. After listing the company as operating illegally and issuing a cease-and-desist order, the authority received its late application on Nov. 20, 2025, and rejected it on Aug. 11, 2026. Enforcement action is underway against the company and associated individuals or entities involved in its continued illegal operations.
2026-09-22Seychelles Financial Services Authority
Seychelles Financial Services Authority rejects Bitfinity’s VASP application and pursues enforcement over illegal operations
The Seychelles Financial Services Authority rejected Bitfinity Ltd.’s virtual asset service provider licence application because it was incomplete and the application fee was unpaid. Bitfinity, trading as BitexBit, remains unauthorized, and the authority is pursuing enforcement over its continued illegal operations.