Reason for this visit

Due to various reasons, Cyprus has gradually become an active country in cryptocurrency trading. The regulatory framework for the cryptocurrency ecosystem in Cyprus is in line with the crypto legislation of the European Union, focusing mainly on consumer protection, anti-money laundering, and anti-terrorism financing. All institutions that provide cryptocurrency asset services must register with the financial regulatory authority, the Cyprus Securities and Exchange Commission (CySEC). There are also regulations regarding the source of operational funds and the detection and reporting of suspicious transactions through continuous transaction monitoring. Cyprus has a broad future development prospect in the blockchain finance field and is expected to become a global blockchain financial center, appealing to more blockchain companies, cryptocurrency exchanges, and investors. In an attempt to help investors gain a comprehensive understanding of cryptocurrency exchanges in Cyprus, 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 Cyprus to visit cryptocurrency exchange TRADE.COM as planned according to its regulatory address that 148 Strovolos Avenue, 1st Floor Strovolos CY-2048, Nicosia, Cyprus.

On April 2, 2024, the investigators came to 148 Strovolos Avenue in Nicosia, Cyprus for a visit to the exchange‘s office, and located a 4-story commercial building. However, people weren’t allowed to enter without an access card or invitation by the relevant staff due to the stringent security rules. After showing this visits purpose of checking if the broker existed in the building, the survey team was still rejected by the security guards.

Upon arrival at the building for further investigation, the survey personnel had a comprehensive communication with the security guards, who agreed to assist the team in checking the location of TRADE.COM and taking photos. And then the security staff proceeding to the 1st floor, where they didnt find TRADE.COM, but a different company named Markets.com.

At the same time, the inspection team searched TRADE.COM‘s official website, https://www.trade.com/en/global/, which displayed that TRADE.COM was a brand owned by forex broker Lead Capital Global Ltd. According the security staff, there wasn’t any information pertinent to Lead Capital Global Ltd on the 1st floor.

Through the on-site investigation, it‘s confirmed that TRADE.COM doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit cryptocurrency exchange TRADE.COM, but didnt find the company at its regulatory address. This denotes that the company might just register with the place without a physical business office. Accordingly, investors should be meticulous in choosing the exchange.

Disclaimer

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