Reason for this visit

South Africa has a highly active cryptocurrency trading market, with approximately 10 million cryptocurrency holders or traders. Recent years witness a strong momentum in the sector where there are an increasing number of cryptocurrency startups and Bitcoin ATMs. In terms of policy, South Africa hasnt introduced the cryptocurrency related laws, and the central bank has adopted an open attitude, while appealing investors to be prudent. The government is actively exploring and issuing its central bank digital currency in a bid to improve the financial inclusion. In an attempt to help investors to have a more comprehensive understanding of cryptocurrency exchanges in South Africa, WikiBit survey team is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to South Africa to visit cryptocurrency exchange AVATRADE as planned according to its regulatory address that Neslon Mandela Square, Office Towers, Wes Sandton, Johannesburg.

The investigators came to Neslon Mandela Square in Johannesburg, where a renowned commercial building was situated. There are a great number of financial institutions, commercial and investment banks in the building.

The address doesnt display the specific information, such as floor and unit number. After searching the whole building, the survey personnel arrived at the lobby of the west tower. From the lobby directory, it could be seen that there was no information related to exchange AVATRADE. And the security guard had never heard of the company in the building.

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

Conclusion

The survey team went to South Africa to visit cryptocurrency exchange AVATRADE as scheduled, 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. Hence, investors are advised to make a sensible decision following a comprehensive consideration.

Disclaimer

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