Crypto News: Bitfinex Bags El Salvador License as Bitcoin Miner Poolin Files for Bankruptcy

Key Insights:

• Crypto news: Bitfinex exchange secures a new licence in El Salvador, expanding its regulated digital asset business.
• Bitcoin mining firm Poolin enters bankruptcy after prolonged financial difficulties.
• BitGo CEO urges changes to digital asset tax rules to support industry growth.

Crypto news saw two major developments after Bitfinex exchange received a new licence in El Salvador while Bitcoin mining company Poolin entered bankruptcy. The updates came as BitGo Chief Executive Mike Belshe also urged lawmakers to review the Digital Asset Tax Act, saying better tax rules could help digital asset businesses grow.

Bitfinex Exchange Adds New Licence in El Salvador

Bitfinex exchange has received a Digital Asset Service Provider licence in El Salvador, giving the company another regulated business in the country. The approval means the main Bitfinex trading platform can now operate alongside Bitfinex Securities and Bitfinex Derivatives, both of which already hold licences there.

The new approval gives Bitfinex a regulated presence across spot trading, derivatives and tokenised securities. It also adds to the company’s business in Latin America, where interest in digital assets has continued to grow.

El Salvador has spent the past few years building its digital asset market. Bitfinex Securities became the first international platform to receive approval under the country’s Digital Assets Issuance Law in April 2023. The platform was set up to support the issuance and trading of tokenised assets, including bonds and shares.

Per the crypto news, Bitfinex Derivatives later received its own Digital Asset Service Provider licence in January 2025. With the latest approval, all three Bitfinex businesses now have licences in the country.

Chief Technology Officer Paolo Ardoino said El Salvador has worked to become a home for regulated digital asset companies. He said the latest licence shows Bitfinex exchange remains committed to operating under the country’s rules while supporting the growth of the digital asset market.

The announcement also comes as Bitcoin trades near a three-month high. Some market watchers said recent gains have been supported by steady buying instead of heavy borrowing in the futures market. That has led to hopes that the recent price move is on stronger ground than some earlier rallies.

Crypto News: Poolin Bankruptcy Adds to Mining Pressure

Another big story in crypto news came from Bitcoin mining company Poolin, which has entered bankruptcy proceedings. Poolin was once among the largest Bitcoin mining pools in the industry.

The company later ran into financial problems after the digital asset market fell sharply. It also faced liquidity issues that affected customer withdrawals and parts of its mining business.

The bankruptcy adds to the list of mining firms that have struggled since the last market downturn, such as Bitdeer and American Bitcoin Corp. Many companies have faced higher operating costs, lower income, and tighter access to funding. Some have reduced operations while others have shut down or entered restructuring.

Even with those problems, Bitcoin has continued to hold its recent gains. Market observers have pointed to steady demand from buyers even as miners sold more coins into the market.

Crypto News: BitGo CEO Wants Tax Rules Reviewed

BitGo Chief Executive Mike Belshe has also called for changes to the Digital Asset Tax Act. He said the current tax rules could make it harder for digital asset businesses to grow. Belshe believes lawmakers should look at the law again and make changes that support businesses while keeping clear rules in place.

His comments come as more countries continue to review how digital assets should be regulated and taxed. For Bitfinex exchange, the latest licence is another step in its growth in Latin America. At the same time, the Poolin bankruptcy shows that parts of the industry are still under pressure.

Essentially, this crypto news shows that the digital asset market continues to grow even as companies face different business and regulatory challenges.

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