Reason for this visit

Canada is one of the most “crypto-friendly” countries in the world. Local cryptocurrency exchanges have been classified as institutions that provide financial services since the country passed a bill to completely legalize cryptocurrency in June 2020. As a result, Canada becomes the market that global crypto exchanges are competing for. To help investors get a more comprehensive understanding of the exchanges in Canada, 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 Canada to visit the cryptocurrency exchange LOEX as planned according to its regulatory address that 500- 7030 Woodbine Avenue, Markham, ON, Canada L3R6G2.

The investigators arrived at 7030 Woodbine Avenue in Markham of Ontario, Canada on October 25, 2023, and located a modern commercial building beside a street, which didnt look bustling. There were a large array of vehicles parking in front of the building.

After accessing the building without a reception area and security for further investigation, the survey personnel spotted a digital directory in the lobby, where there was no any information regarding “LOEX”, and suite 500 was occupied by companies “Moteyo Rogers” and “Markington Logistics”.

And then the investigation team reached suite 500 by the elevator, but didnt see any company name or logo at the entrance of the office. According to the receptionist, suite 500 was occupied by a co-working space, where there was no information regarding company “LOEX”.

Through an on-site investigation, it is confirmed that the company doesnt have a presence at the location.

Conclusion

The survey team went to Canada to visit cryptocurrency exchange LOEX, but didnt find the company at its regulatory address. This suggests that the company may just register at the place without a physical business office. Therefore, investors are advised to choose the exchange cautiously.

Disclaimer

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