# BITLEVEX
BITLEVEX is an Estonia-based cryptocurrency options-trading platform founded in 2019 in Tallinn by Latvian national Mikhail Skoblov, who served as its CEO and co-founder; it was last documented as operating in 2023, with no retrieved source recording its status through September 2026.[1](https://cryptoradar.com/guide/bitlevex-review) • [2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/) The company attracted wide attention in August 2022 when it was reported to have received a $50 million investment facility from GEM Digital Limited, a Bahamas-based digital asset investor; the transaction was a commitment facility rather than an upfront cash equity round, a distinction that matters for any estimate of how much money the company actually raised.[2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/)
| Fact | Detail |
|---|---|
| Founded | 2019, Tallinn, Estonia[1](https://cryptoradar.com/guide/bitlevex-review) |
| Founder | Mikhail Skoblov, Latvian national, CEO and co-founder[1](https://cryptoradar.com/guide/bitlevex-review) • [2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/) |
| Sector | Crypto options and derivatives trading[2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/) |
| Disclosed funding | €500,000 seed (spring 2019); $50M GEM Digital facility (August 2022), a commitment not confirmed cash[1](https://cryptoradar.com/guide/bitlevex-review) • [2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/) |
| Licensing | Estonian FIU virtual-currency exchange and wallet licenses (company-announced)[4](https://www.tumblr.com/bitlevex/187437934606/financial-intelligence-unit-fiu-of-republic-of) |
| Traction | About 50,000 registered users (company claim, 2021)[5](https://medium.com/@bitlevex.com/announcing-our-roadmap-for-2022-e9a4eca8a951) |
| Last recorded status | Operating per an independent 2023 review; nothing documented after 2023[1](https://cryptoradar.com/guide/bitlevex-review) |
## History and founding
The platform was founded in 2019 in Tallinn, Estonia, by Mikhail Skoblov, a Latvian national.[1](https://cryptoradar.com/guide/bitlevex-review) It raised €500,000 in a seed funding round in spring 2019, according to a 2023 independent review of the platform.[1](https://cryptoradar.com/guide/bitlevex-review) In its first year the company announced that Estonia's Financial Intelligence Unit (FIU) had granted it two licenses: one for exchanging virtual currency against fiat currency (Nr FVR001068) and one for a virtual currency wallet service (Nr FRK000962).[4](https://www.tumblr.com/bitlevex/187437934606/financial-intelligence-unit-fiu-of-republic-of)
The company's own 2022 roadmap described 2021 as a year of product launches, including options trading for multiple cryptocurrencies and for stocks, and stated that it ended 2021 with more than 50,000 registrations.[5](https://medium.com/@bitlevex.com/announcing-our-roadmap-for-2022-e9a4eca8a951) Both the user count and the launch list are company claims; no independent source reports trading volumes or revenue.
## Products and services
BITLEVEX's core product was crypto options trading: as of early 2022 users could trade cryptocurrency options with leverage of up to 100:1, and the platform also offered options on stocks.[5](https://medium.com/@bitlevex.com/announcing-our-roadmap-for-2022-e9a4eca8a951) The 2022 roadmap planned a public sale of a native utility token called BLEX in the second quarter of 2022, with staking, a deflationary burning mechanism, merchant payment gateways, an internal wallet, and crypto debit cards pending PCI compliance Level 3.[5](https://medium.com/@bitlevex.com/announcing-our-roadmap-for-2022-e9a4eca8a951) At the time of the GEM announcement, the company was also looking to launch the BLEX token.[2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/) No retrieved source confirms that the BLEX sale, NFT marketplace, wallet, merchant payments, or debit card actually shipped.
## Funding by the numbers
The verified funding record is small relative to the headlines. The documented cash figure is a €500,000 seed round in spring 2019.[1](https://cryptoradar.com/guide/bitlevex-review) On 24 August 2022, fintech.global reported that BITLEVEX had received a $50 million investment facility from GEM Digital Limited, describing it as a commitment facility rather than an upfront cash equity round.[2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/) A contemporaneous news brief framed the same event as the company having "raised $50m in new funding" led by GEM Digital.[3](https://news.fintech.io/post/102hw3t/bitlevex-raises-50m-in-new-funding) The facility framing is the more precise of the two: a subscription facility is drawn down against agreed conditions, and no public record shows whether BITLEVEX ever drew on it, so the amount of GEM money actually received is unknown.[2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/)
The GEM capital was earmarked, per the announcement, for promotion, hiring, and new products including a possible NFT marketplace, digital wallet, merchant payment solutions, and a crypto debit card.[2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/)
GEM Digital Limited sources, structures, and invests in utility tokens on over 30 centralized and decentralized exchanges; its parent group GEM claims to be a $3.4bn alternative investment firm with over 525 transactions in 75 countries, figures that are the firm's own claim.[2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/) The terms of the BITLEVEX facility beyond its size were not reported.
## Business, fees and traction
A 2023 independent review found the platform still operating, describing it as an easy-to-use options-trading platform with fees in line with other derivatives platforms.[1](https://cryptoradar.com/guide/bitlevex-review) On fees, the review reported no charges on deposits via wire transfer or credit card, while bitcoin withdrawals carried a 5% fee and other withdrawal fees varied with incurred banking costs.[1](https://cryptoradar.com/guide/bitlevex-review) Beyond the company's claim of more than 50,000 registrations in 2021 and the same figure repeated at the time of the GEM announcement, no trading volume, revenue, or asset-under-custody data is public.[5](https://medium.com/@bitlevex.com/announcing-our-roadmap-for-2022-e9a4eca8a951) • [2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/)
## Regulation and licensing
BITLEVEX operated under Estonian virtual-currency licenses from the Financial Intelligence Unit, covering fiat-to-virtual-currency exchange (FVR001068) and wallet services (FRK000962), as announced by the company.[4](https://www.tumblr.com/bitlevex/187437934606/financial-intelligence-unit-fiu-of-republic-of) Per the 2023 review, the FIU license required proof that people in key positions were reputable, adherence to Estonian anti-money-laundering laws and organizational measures.[1](https://cryptoradar.com/guide/bitlevex-review)
## Controversies and credibility questions
The main credibility issue is the gap between the headline "$50 million raised" framing in some reporting and the facility structure described in the primary report, together with the fact that the platform's traction figures rest on company statements.[2](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/) • [3](https://news.fintech.io/post/102hw3t/bitlevex-raises-50m-in-new-funding) • [5](https://medium.com/@bitlevex.com/announcing-our-roadmap-for-2022-e9a4eca8a951)
## References
1. [Bitlevex Buying Guide: Full Review, Tutorial & Platform Walkthrough (2023), Cryptoradar](https://cryptoradar.com/guide/bitlevex-review)
2. [BITLEVEX raises $50m for its crypto options trading, FinTech Global](https://fintech.global/2022/08/24/bitlevex-raises-50m-for-its-crypto-options-trading/)
3. [Bitlevex raises $50m in new funding, FinTech IO](https://news.fintech.io/post/102hw3t/bitlevex-raises-50m-in-new-funding)
4. [Financial Intelligence Unit (FIU) of Republic of Estonia has granted BITLEVEX two licenses, BITLEVEX (Tumblr)](https://www.tumblr.com/bitlevex/187437934606/financial-intelligence-unit-fiu-of-republic-of)
5. [Announcing our Roadmap for 2022, BITLEVEX (Medium)](https://medium.com/@bitlevex.com/announcing-our-roadmap-for-2022-e9a4eca8a951)
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Fintech, commerce, and consumer startups › Crypto and digital assets*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license