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 these companies.

On-site visit

In this issue, the investigation team went to Toronto, Canada to visit the cryptocurrency exchange COINUT (licensee: COINUT CANADA LTD) as planned according to its regulatory address that 1 Yonge Street, Suite 1801, Toronto, On, Canada, M5E1W7.

The survey personnel arrived at the destination on June 24 in Toronto, the largest city of Canada and the capital of Ontario. One Yonge Street, a prestigious office building, is situated at Queens Quay in a commercial area in downtown Toronto, with busy streets nearby.

After entering the building, the investigators found that there was a reception desk in the lobby, and people were allowed to pay a visit without a reservation. From the company directory beside lifts, it was clearly seen that there was no any companys information on the 18th floor, which was inaccessible via elevators or stairs. According to the receptionist working there, the whole 18th floor was vacant currently.

Through an on-site investigation, it is confirmed that COINUT doesnt have a presence there.

Conclusion

The survey personnel went to Toronto, Canada to visit the cryptocurrency exchange COINUT, 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 the exchange cautiously.

Disclaimer

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