Reason for this visit

The United Kingdom boasts one of the world‘s most dynamic and most liquid cryptocurrency market. According to the data released by CryptoCompare, the UK ranks 11th in terms of the most liquid cryptocurrency Bitcoin market thanks to the majority of the British buying cryptocurrencies with online cryptocurrency exchanges. Despite the regulatory challenge, the UK has taken initiatives in the struggle to regulate the new financial products. Nowadays, the Financial Conduct Authority (FCA) in the UK requires the local cryptocurrency exchanges to register before delivering their services. This ensures that all the related companies operate businesses in accordance with the law and regulation on Anti-Money Laundering and Counter Terrorist Financing. Therefore, the investors feel more safe and confident in investment, while the regulation is likely to restrict certain trading and services. Undoubtedly, the cryptocurrency market in the UK has the enormous potential. To help investors have a more comprehensive understanding of the country’s exchanges, WikiBit survey team will go to the UK for on-site visits to local companies.

On-site visit

The survey team visited cryptocurrency exchange NashEx in London according to its regulatory address that Unit G25 Waterfront Studios Dock Road.

On October 2, 2023, the investigators came at 1 Dock Road in Central London, and located a co-working space Expressway and a Thai restaurant Nakhon Thail based on the information from a directory. There was no any information regarding company “NashEx”.

The survey personnel found that the co-working space Expressway provides office amenities rental services for individuals and small companies. However, there was no directory in the space. And people werent allowed to take photos. According the receptionist working for the shared office, they had no idea about company NashEx, with individual customers accounting for the majority of their clients.

Through an on-site investigation, it is confirmed that NashEx doesnt have a physical presence at the location.

Conclusion

The survey personnel went to London in the UK to visit the cryptocurrency exchange NashEx as planned, but didn‘t find the company at its regulatory address. It suggests that the company doesn’t have a physical business office at the place. Therefore, investors should be cautious in choosing the exchange.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.