Reason for this visit

Due to various reasons, 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 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 VESTLE as planned according to its regulatory address that Agiou Andreou And Eleftheriou Venizelou Corner, Vashiotis Agiou Andreou Business Center, 2nd Floor, Office 201, CY 3035 Limassol, Cyprus.

On April 8, 2024, the investigators came to the street corner of Agiou Andreou and Eleftheriou Venizelou in Limassol, Cyprus for a visit to the exchanges office, and located Vashiotis Agiou Andreou Business Center, a 3-story building easily accessible with a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel spotted an outdoor directory, which displayed 3 companies, including brokerage firm iForex Europe, law firm Patrikios Legal, and Pagecorp Group, while discovering a mailbox at the entrance, which showcased that “WLWALLET” and iForex Europe were situated on the 2nd floor.

While the building was equipped with an access control system, the inspection team was allowed by security guards to visit upstairs after showing the purpose. Upon reaching the 2nd floor via the elevator, there were 2 companies, iQube3 (in suite 201) and iForex Europe (in suite 202) on the floor.

According to the official website of iQube3 (https://iqube3.com/), it‘s actual location was consistent with that on the site. As a commercial service provider, iQube3 mainly provides services such as legal and administrative support and office registration. Based on the field investigation and information analysis, the team concluded that VESTLE just registered with the address of iQube3, but didn’t have actual business operation in the building.

And another office was occupied by brokerage firm iForex Europe. In the meantime, unfortunately, the website of VESTLE (https://www.vestle.com/) was inaccessible.

Consequently, it‘s confirmed that VESTLE doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit cryptocurrency exchange VESTLE, 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. 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.