Bitfinex's LEO token is going to start trading on the exchange next week

Crypto exchange Bitfinex announced Friday that it plans to enable trading of its new exchange token LEO on May 20.

To start, it will be tradable against BTC, USD, USDt, EOS, and ETH. Bitfinex CTO Paolo Ardoino said earlier this week that Bitfinex successfully raised 1 billion USDt worth of Bitcoin, USD, and USDt in a private token sale.

The issuance of the exchange tokens, dubbed LEO, was planned to cover the $850 million currently frozen in several accounts controlled by the payment processing company Crypto Capital, which is at the heart of a recent court order issued by the New York Attorney General's office against the firm.

The NYAG alleges that Bitfinex co-mingled client funds and borrowed money from sister company Tether to cover-up the seized funds.