Reason for this visit

With local people curious about new technology, the United Arab Emirates boasts a commercial-friendly and entrepreneurial environment. Hailed as one of the encryption technology friendly countries around the world, the UAE has gradually caught up with and surpassed Malta, Korea, and Singapore in the sector of cryptocurrency and blockchain, with the government‘s technical support. The three countries are the top 3 destinations for blockchain and cryptocurrency business due to their tremendous support to the field. In order to help investors to have a better understanding of the UAE’s cryptocurrency exchanges, WikiBit survey team is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the investigation team went to Abu Dhabi, capital of the UAE to visit cryptocurrency exchange AVATRADE (licensee: Ava Trade Middle East Limited) as planned according to its registered regulatory address that 2424, 24th Floor, Al Sila Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.

The survey personnel came to the destination in the heart of the CBD of Abu Dhabi on July 20, 2023, where Al Sila Tower was situated. Accessed from landscaped public areas and a promenade, the flag building is sure to impress, from its spacious and bright marble-lined lobby to the views from the light-filled column-free workspace.

After entering the building, the investigators found the reception area in the lobby. And people were allowed to visit upstairs without an appointment and registration. Then, the survey personnel arrived at the 24th floor via elevator, where the floor directory showed nothing about company AVATRADE. According to the staff working in the building, the exchange had moved away in 2020.

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

Conclusion

The investigators went to Abu Dhabi, the UAE to visit cryptocurrency exchange AVATRADE as scheduled, and didn‘t find the company at its regulatory address. It indicates that AVATRADE doesn’t have a physical business office or just registered at the place. Therefore, investors are advised to choose the exchange cautiously.

Disclaimer

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