Torfex

Torfex issued TORFX tokens on a proprietary blockchain platform, the Torfex Console. Each token was marketed as a fractional beneficial interest in a pool of trade finance and factoring receivables. The firm required investors to pass a whitelisting process before purchasing tokens, consistent with accredited-investor exemptions.

The token was backed by a portfolio of short-duration trade finance receivables, including factoring agreements and supply-chain finance instruments. These obligations were originated by a Dubai-based affiliate that provided financing to small and medium-sized exporters in the Gulf region. The receivables were described as self-liquidating, with repayment expected upon the sale of underlying goods.

Torfex Ltd. was incorporated in Bermuda and operated under the island's Digital Asset Business Act (DABA). This legislation provides a licensing and supervisory regime for companies conducting digital asset issuance, custody, and exchange services. The firm's public documentation emphasized this regulatory status as a key differentiator from unregulated token offerings.

A related entity in Dubai originated the trade finance receivables that backed the TORFX tokens. This affiliate sourced funding opportunities with exporters trading goods across the Middle East, Africa, and South Asia. The cross-border structure separated asset origination (Dubai) from the token issuance vehicle (Bermuda), layering distinct legal jurisdictions between investors and end-borrowers.

Torfex stated that TORFX tokens could be transferred between whitelisted wallets on the Torfex Console, suggesting a controlled secondary market. However, no public data on trading volumes, bid-ask spreads, or independent liquidity providers was ever made available. The effective liquidity of the token for a holder wishing to exit before maturity of the underlying receivables remains unverified through public sources.