Reason for this visit

Since 2010, the cryptocurrency market has experienced rapid global growth, and Russia, as a significant market, has seen its own evolution from nascent stages to a notable presence. Data suggests that by 2023, the number of cryptocurrency users in Russia exceeded 4 million, many of whom have generated significant income through investment, trading, and mining. While Russia's cryptocurrency market development remains relatively slower compared to some other countries, its growth trajectory is undeniable.

A significant development occurred this past July when a bill legalizing cryptocurrency transactions in Russia passed its second and third readings in the State Duma. This move injected considerable momentum into the future development of Russias cryptocurrency market. With continued technological advancements and market maturation, the Russian cryptocurrency market is poised for further expansion and deeper integration into the global market. Therefore, in an attempt to provide investors with a more comprehensive understanding of Russian cryptocurrency exchanges, WikiBit survey team is determined to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Russia to visit cryptocurrency exchange Dukascopy as planned according to its purported regulatory address that Teterinsky Per., Building 16, Floor 1, Premise IV, Room 2 109004, Moscow, Russia.

The investigators came to Teterinsky Pereulok street in Moscow, Russia for an on-site visit to the exchanges office, and located an old-fashioned 9-story commercial building with a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel noticed that people were not permitted to enter without an access card due to the stringent security rules. According to local residents, this was a residential building where no businesses were operating. Furthermore, the Dukascopy website did not list an office address in Russia.

Through the on-site investigation, it is confirmed that the exchange does not have a physical presence at the location.

Conclusion

The survey team went to Russia to visit cryptocurrency exchange Dukascopy as planned, but did not find the company at its purported regulatory address. It indicates that the company does not have a physical business office at the place. Accordingly, investors should be cautious about choosing the exchange.

Disclaimer

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