Reason for this visit

The financial market in the UAE is one of the largest forex markets in the Middle East. The Securities and Commodities Authority (SCA) is responsible for the regulation of the forex market. In recent years, the UAE government has relaxed restrictions on foreign trading to attract more foreign investment. The trading activity in the UAE forex market has increased, with a gradual rise in participation from foreign investors. As the UAE economy continues to grow and diversify, its capital markets are expected to see promising development opportunities. Overall, the UAE forex market is steadily progressing towards a more mature and open landscape. In an attempt to help investors to gain a more comprehensive understanding of the exchanges in the UAE, 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 Dubai in the UAE to visit cryptocurrency exchange Amana as planned according to its purported regulatory address that Unit 506, Level 5, Liberty House, Dubai International Financial Centre, Dubai.

The investigators came to the Dubai International Financial Centre in the UAE for an on-visit to the exchanges office, and located the Liberty House, a modern commercial building encompassing 32 residential floors, 8 commercial floors, and 2 floors for a terrace and a leisure deck. In the meantime, the building is readily accessible by public transport, with close proximity to several bus stops and metro stations. A variety of amenities, such as restaurants and shopping malls, are located in or near the building.

Upon entering the building with the help of the receptionist, the survey personnel did not spot a directory in the lobby and were unable to determine the existence of Amana in the building.

The inspection team then took the elevator to the 5th floor and clearly discovered unit 506, with no information regarding Amana displayed on the door. Meanwhile, people were not allowed to enter without an access card or an invitation. Thus it was not possible to assess the actual situation of the unit. According to the Amana website, no office address was listed.

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 the UAE to visit cryptocurrency exchange Amana, but did not find the companys name at the aforementioned address. It suggests that the exchange does not have a physical business office at the place. Accordingly, investors are advised to make a sensible decision following much deliberation.

Disclaimer

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