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 WINGO MARKETS as planned according to its regulatory address that 6 Vasili Vrionide, Gala Court Chambers, 5th Floor, Office 503, 3095, Limassol, Cyprus.

The investigators visited 6 Vasili Vrionide in Limassol, Cyprus to assess the authenticity and operational scale of the exchanges office, and located the Gala Court Chambers, a 6-story commercial building with a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel spotted directories both by the entrance and in the lobby, which did not display the company name or logo of WINGO MARKETS.

The inspection team then took the elevator to the 5th floor but still did not discover the company name of WINGO MARKETS at suite 503.

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 WINGO MARKETS, but did not find the company at its regulatory address. This denotes that it may just register at the address 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.