LEO is the utility token of the iFinex portfolio — which includes Bitfinex, Ethfinex, EOSfinex among other products. As per the whitepaper, Bitfinex is going to buy-back and burn LEO tokens every month using 27% of their revenue. The token also allows users to receive discounts on fees for trading, withdrawal, lending, derivative. Bitfinex will buy-back tokens to burn from the open market and not from its reserves, with plans to buy-back 100% of the tokens.