Reason for this visit

Cyprus boasts a relatively friendly cryptocurrency-related legislative environment, and currently allows cryptocurrency trading. The government has adopted an open policy to promote digital economy and increasingly strengthen the related regulation by requiring exchange platforms to implement KYC. There are a certain number of cryptocurrency exchanges and blockchain startups in Cyprus, and some merchants and enterprises have started to accept cryptocurrencies like Bitcoin as a payment method, with parts of ATMs supporting withdrawal by cryptocurrencies. In an attempt to help investors to get a more comprehensive understanding of the 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 Limassol, the second largest city of Cyprus, to visit cryptocurrency exchange GBE BROKERS as planned according to its regulatory address that 60 Panioti Avenue, Green Area, 4044, Limassol, Cyprus.

The investigators came to 60 Panioti Avenue in Green Area of Limassol, Cyprus for an on-site visit to the exchanges office.

Upon arrival at the address, the survey personnel easily spotted an upscale two-story residential building in a hillside area of Limassol. Its architectural appearance beautifully harmonized with the surrounding environment, highlighting the premium nature of the area. However, after a considerable research, there were surprisingly no signs or indicators of any company at the entrance.

The inspection team conducted a thorough observation of the building and noted that, from the structural layout to the functional divisions, all signs pointed to the building being solely intended for residential use, with no traces of any office purposes. To further verify the situation, the team specifically reviewed the GBE BROKERS website (https://gbebrokers.com/) and found that this address was not listed among their registered information.

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 Cyprus to visit cryptocurrency exchange GBE BROKERS, but did not find the companys name at the aforementioned address. It denotes that the company does not have a physical business office at the place. 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.