Reason for this visit

Estonia, as a leading market in the global cryptocurrency industry, has attracted numerous international crypto exchanges and fintech startups to register and operate there, thanks to its open attitude towards blockchain and digital currency technologies. The Estonian government actively explores and promotes the development of digital currencies, implementing relatively relaxed regulatory policies that create a friendly environment for the market, which has facilitated the rapid growth of the crypto industry. At the same time, as global regulations on cryptocurrencies become increasingly stringent, Estonia is also gradually improving its relevant laws and regulations, aiming to effectively prevent money laundering and other illegal activities while ensuring market transparency and stability. Therefore, understanding Estonia's current cryptocurrency regulatory framework, market environment, and development potential has become an important issue that investors and businesses cannot overlook. In an attempt to assist investors in gaining a more comprehensive understanding of Estonian crypto exchanges, WikiBit survey team determines to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Estonia to visit cryptocurrency exchange Swaply as planned according to its regulatory address that Parda tn 4-ruum 411-1, Tallinn, Harju Maakond 10151, Estonia.

The investigators came to Parda tn 4 in Tallinn of Harju Maakond, Estonia for an on-site visit to the exchanges office, and located a commercial building.

Upon arrival at the building for further investigation, the survey personnel spotted two directories at the entrance, which displayed some companies, excluding Swaply. Then they discovered a detailed directory in the lobby indicating that there were only two companies on the 4th floor, which had no affiliation with Swaply. Additionally, the inspection team failed to see the brokers information on mailboxes. Finally, no signs of the company were found in the building.

Through the on-site investigation, it is confirmed that the exchange does not have a physical presence at the location.

Conclusion

The survey team went to Estonia to visit cryptocurrency exchange Swaply as planned, but did not find the company at its purported regulatory address. It indicates that the company does not have a physical business office at the place. Accordingly, investors should be cautious about choosing the exchange.

Disclaimer

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