Reason for this visit

Canada is one of the most “crypto-friendly” countries in the world. In June 2020, the country passed a bill to completely legalize cryptocurrency, and cryptocurrency exchanges are classified as institutions that provide financial services. As a result, Canada has become the market that global crypto exchanges are competing for. To help investors get a more comprehensive understanding of the local exchanges, WikiBit survey team decided to go to Canada for on-site visits to them.

On-site visit

In this issue, the investigation team went to Toronto, Canada to visit the cryptocurrency exchange coinsmart (licensee: SIMPLY DIGITAL TECHNOLOGIES INC.) as planned according to its regulatory address that 1075 BAY STREET, UNIT 403 TORONTO, ON, CANADA M5B2B2.

The survey team arrived at the destination on May 14 in Toronto, the largest city of Canada and the capital of Ontario. A modern mixed-use condominium building is situated at 1075 Bay Street in central Toronto, surrounded by a clean environment with huge crowds of people.

After entering the building, the inspection team found security guards in the lobby on the ground floor. At meantime, people were allowed to visit freely the working area via elevator. But taking photos was prohibited according to the staff working there.

And then the survey personnel arrived at the 4th floor by lift, and didn‘t see the related information about exchange coinsmart from the company directory. And there was no any company’s name on the door of office 403, except for the unit number.

After an on-site investigation, it is confirmed that the broker doesnt have a presence here.

Conclusion

The survey personnel went to Toronto, Canada to visit the cryptocurrency exchange coinsmart, but didn‘t find the company’s office at its regulatory address, which suggests that the company doesnt have a physical business office there or it just registered at the location. Therefore, investors are advised to choose this exchange cautiously.

Disclaimer

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