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 local exchanges, WikiBit survey team decided to go to Canada for on-site visits to them.

On-site visit

In this issue, the investigation team went to Toronto, Canada to visit the cryptocurrency exchange MyBTC.ca (licensee: 2456307 ONTARIO INC) as planned according to its regulatory address that 206-260 ADELAIDE ST.E, TORONTO, ON, CANADA, M5A1N1.

The survey personnel arrived at the destination on June 25 in Toronto, the largest city of Canada and the capital of Ontario. The target building located at 260 ADELAIDE ST.E in downtown Toronto looked old from its gray walls. And the nearby streets were very clean without much traffic.

After entering the building, the inspection team found that a post office lied on the ground floor without a stair to the second floor. According to the staff working in the office, the second floor was unavailable to access from there, and there was no crypto company in the building.

After an on-site investigation, it is confirmed that MyBTC.ca doesnt have a presence there.

Conclusion

The survey personnel went to Toronto, Canada to visit the cryptocurrency exchange MyBTC.ca, but didn‘t find the company’s office at its regulatory address. It suggests that the company doesnt have a physical business office there or just registered at the location. Therefore, investors are advised to choose this exchange cautiously.

Disclaimer

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