Reason for this visit

Cyprus has gradually become an active country in cryptocurrency trading. The regulatory framework for the cryptocurrency ecosystem in Cyprus is in line with the crypto legislation of the European Union, focusing mainly on consumer protection, anti-money laundering, and anti-terrorism financing. All institutions that provide cryptocurrency asset services must register with the financial regulatory authority, the Cyprus Securities and Exchange Commission (CySEC). There are also regulations regarding the source of operational funds and the detection and reporting of suspicious transactions through continuous transaction monitoring. Cyprus has a broad future development prospect in the blockchain finance field and is expected to become a global blockchain financial center, appealing to more blockchain companies, cryptocurrency exchanges, and investors. In an attempt to help investors to gain a comprehensive understanding of cryptocurrency exchanges in Cyprus, WikiBit survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Cyprus to visit cryptocurrency exchange PURE as planned according to its regulatory address that 8 Georgiou Drosini, CY 3085, Limassol, Cyprus.

On April 25, 2024, the investigators came to 8 Georgiou Drosini in Limassol, Cyprus for a visit to the exchanges office, and located an old 2-story building at the street corner.

Upon arrival at the building for further investigation, the survey personnel just spotted the company name of “Archicert Limited”, without any information pertinent to PURE at the entrance. In the meantime, the inspection team managed to know that Archicert Limited was a proprietary investment company specializing in green energy development and hotel business, without any sign of relationship with PURE on its website, while the site of PURE didnt showcase any relevant company.

Through the on-site investigation, it‘s confirmed that PURE doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit cryptocurrency exchange PURE, but didnt find the company at its regulatory address. This denotes that the company might just register with the address without a physical business office at the place. Accordingly, investors should be meticulous 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.