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 local companies.

On-site visit

In this issue, the survey team went to Singapore to visit cryptocurrency exchange UMI as planned according to its regulatory address that 60, Paya Lebar Road, #08-55, Paya Lebar Square, Singapore 409051.

The investigators came to 60 Paya Lebar Road in Singapore on October 30, 2023. Situated right in the heart of Paya Lebar Precinct, Paya Lebar Square is bustling commercial mixed development composed of a 10-storey office building and 3 levels of retail experiences. The square is seamlessly connected to Paya Lebar MRT Interchange via Level 1 to the East West Line whilst Basement 1 is directly linked to the Circle Line, boasting convenient transportation.

After accessing the building, the survey personnel spotted a digital directory in the lobby, which displays that office #8-55 is occupied by “Diffusion Technology Pte Ltd”.

And then the investigation team arrived at level 8 by the lift, where the floor directory shows that office #08-54-55 is occupied by “Ovivas Technologies”, and didnt see any logo of company UMI nor other related information at the entrance of the room.

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

Conclusion

The survey team went to Singapore to visit cryptocurrency exchange UMI, and didn‘t find the company at its regulatory address. This indicates 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.