Zhao Dong, a shareholder of giant crypto exchange Bitfinex, has recently confirmed that the exchange is planning to launch an initial exchange offering (IEO) to raise $1 billion in its new native token LEO sale.

A 3-page “marketing document”, released on May 4 by Zhao Dong via his tweet, provides details of how the sale might take place while noting that it is not intended to be legally binding. The material was conducted by iFinex, the company behind Bitfinex and Tether (USDT).

The marketing document emphasizes that it is “not a white paper,” which means it has no information of which blockchain the cryptocurrency will trade on, or the cryptographic details of how it will allow users to move and transfer funds.

According to the paper, 1 billion tokens will be issued by Unus Sed Leo Limited, each selling for 1 USDT, the US-dollar backed stablecoin launched by Tether. Also, the token will reportedly grant decreased lending fee reduction, withdrawal and deposit fee discount, derivatives fee reduction. The exchange also promises that similar advantages will be perceived by the users also on future iFinex trading platforms, products and services.

The paper reads: “The tokens will be sold in a private offering without the means of general solicitation or general advertising. Any tokens that remain issued may be sold in the manner and times determined by the Issuer in its sole discretion.”

Significantly, sales of LEO will be open to everyone, except citizens of the United States and Canada.

Last week, The Crypto Sight reported that Zhao Dong and Giancarlo Devasini, two shareholders of Bitfinex,  claimed that the firm is not concerned with the fraud allegations made by the N.Y Attorney General, towards Bitfinex insolvency.