Reason for this visit

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 PLUS500 as planned according to its regulatory address that 1 Siafi Street, Porto Bello, Office 401, CY 3042, Limassol, Cyprus.

On April 22, 2024, the investigators came to 1 Siafi Street in Limassol, the economic center of Cyprus, for a visit to the exchanges office, and located a 5-story commercial building with a well-maintained façade. In the meantime, a giant “EXNESS” logo could be seen on the top of the building from a distance.

Upon arrival at the building for further investigation, the survey personnel spotted an outdoor directory, which displayed that almost the entire the building from the 1st to the 4th floor was occupied by company Exness. However, there wasnt any information regarding “Plus 500” nor registered company name “Plus500CY Ltd”.

After reaching the building, the inspection team was aware of that people werent allowed to enter without an access or an appointment due to the stringent security rules. In the meantime, taking photos or videos was prohibited near the entrance.

Moreover, another directory on the other side of the building showed that suit 401-402 was occupied by a different company, instead of Plus 500. Through the on-site investigation, it‘s confirmed that Plus 500 doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit cryptocurrency exchange Plus 500, 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 at the place. 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.