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, attracting more blockchain companies, cryptocurrency exchanges, and investors. 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 Corner of Agiou Andreou and Eleftheriou Venizelou Str, Vashiotis Agiou Andreou Bld, 2nd Floor - Office 201, CY-3035 Limassol or P. O. Box 54216, CY-37.

On October 15, 2023, the investigators located a modern 3-story commercial building “Vashiotis Agiou Andreou” at the corner of Agios Andreou and Eleftheriou Venizelos in Limassol, the second largest city in Cyprus.

There were two directories and mail boxes with company names outside the building. But no information concerning “Vestle” was spotted. After accessing the building for further investigation, the survey personnel failed to see any information relating to Vestle from the directory and mail box in the building. At the entrance of unit 201, the team found the company name and logo of “iFOREX”.

Through an on-site investigation, it is confirmed that Vestle doesnt have a 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 suggests that the company might just register at the place without a physical business office. 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.