Reason for this visit

Singapore takes the lead in establishing a cryptocurrency friendly regulatory environment in Asia-Pacific, having the potential to be one of the crypto centers in the world. The government adopts opening policies calling for Fintech innovation, enabling the country to become the preferred cryptocurrency startup incubator. At the meantime, with an increasing number of institutional investors, Singapore is transforming its role into crypto asset management center by gradually formulating perfect regulatory policies. In an attempt to help investors to get a more comprehensive understanding of the exchanges in Singapore, WikiBit survey team decides to go to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to Singapore to visit cryptocurrency exchange BYDFi as planned according to its regulatory address that 73 Upper Paya Lebar Road, #06-01c, Centro Bianco, Singapore 534818.

The investigators came to 73 Upper Paya Lebar Road in Singapore on October 30, 2023, where CENTRO BIANCO, a commercial property, was situated. The building boasts a fabulous location easily accessible via multiple MRT stations such as Tai Seng MRT Station (CC11), Bartley MRT Station (CC12), and others.

After arriving at the building, the investigators found a directory in the lobby, from which it could be seen that there was no information regarding BYDFi, and #0601 was occupied by “UCI Property Management Pte Ltd”.

And then the survey personnel reached Unit 0601C on the 6th floor, where no information concerning BYDFi was found. Even the office signage on the door was blank.

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

Conclusion

The survey team went to Singapore to visit cryptocurrency exchange BYDFi, and didn‘t find the company at its regulatory address. This suggests that the company doesn’t have a physical business office at the place. 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.