Reason for this visit

Turkey has been in economic turmoil for the past few months. Lira, the fiat currency of Turkey, has depreciated sharply, which prompts the locals to swap the lira for bitcoin, foreign currencies, and gold. Also, Turkey's central bank had banned cryptocurrency payments in mid-April, meaning local companies are not allowed to make transactions involving crypto assets. Regulatory uncertainty, extremely high volatility and crime were cited as key reasons behind the decision. To help investors know more about the local exchanges, the survey team will go to Turkey for on-site visits.

On-site visit

This time the survey team visited the cryptocurrency exchange Koinim in Istanbul, Turkey, with specific address at KOİNİM BİLİŞİM A.Ş.  Yapı Kredi Plaza C Blok No:40-41 Beşiktaş, İstanbu.

According to the above address, the survey team came to the destination of this survey. The office of the cryptocurrency exchange Koinim was located in Istanbul, the financial center of Turkey. In details, it was in the Turkish Credit Bank building, which had a very distinctive local appearance. In addition, the interior of the building was well managed with a large number of security personnel.

The surveyors were stopped outside the building by security personnel, who stated that outside visitors were denied during the COVID-19. In the end, the surveyors did not find any information about the cryptocurrency exchange Koinim around the building.

Conclusion

The survey team went to Istanbul, Turkey to visit the cryptocurrency exchange Koinim, and found no business premise of the exchange, which means the given business address was fake. Please be prudent if trading with this exchange. 

Disclaimer

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