Reason for this visit

Estonia maintains an open attitude towards cryptocurrencies and actively explores the applications of digital currencies and blockchain technology. The Estonian government and regulatory authorities have been working diligently to formulate relevant policies to ensure market transparency and stability, while also preventing money laundering and other illegal activities. The relatively lenient regulatory environment has led many cryptocurrency exchanges and startups to choose to register and operate in Estonia. However, as global cryptocurrency regulations tighten, Estonia is gradually refining its regulatory framework to ensure the healthy development of the market. With further improvements in regulatory policies, Estonia is poised to become one of the important centers for digital financial innovation in Europe and even globally. As a result, Estonia has become a competitive market that global cryptocurrency exchanges are vying for. In an attempt to provide investors with a more comprehensive understanding of Estonian cryptocurrency exchanges, WikiBit survey team is determined 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 GBX as planned according to its purported regulatory address that Telliskivi tn 60a/8, Põhja-Tallinna linnaosa, Tallinn, Harju maakond, 10412, Estonia.

The investigators came to Telliskivi tn 60a/8 in Tallinn of Harju maakond, Estonia for an on-site visit to the exchanges office, and located a modern commercial building with a well-maintained façade in the city center.

Upon arrival at the building for further investigation, the survey personnel clearly spotted a directory through the glass door, which did not list the company name of GBX. Furthermore, people were not allowed to enter without an access card or an appointment.

According to the online information, GBX was sold to MindCapital in January, 2021. However, the MindCapital website was not accessible, and its staff were reportedly arrested for running a Ponzi Scheme. Meanwhile, there were no evidences of GBX 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 GBX 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.