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 Cyprus to visit cryptocurrency exchange FOREX24 as planned according to its regulatory address that 5 Nikou Kazantzaki, George Court, 1st Floor, Ayios Theodoros, 8035, Paphos, Cyprus.

The investigators came to 60 Panioti Avenue in Ayios Theodoros of Paphos, Cyprus for an on-site visit to the exchanges office, and located George Court, a 3-story building with a well-maintained façade, at the suburbs of the city. Due to its close proximity to an expressway, the building offered easy accessibility in a thriving mixed-use district that blends commercial and residential areas. And there was a Chinese Market on the ground floor, with no logo related to FOREX24 at the entrance. No security guard was on duty in the lobby, and no floor directory or mailboxes were found, except for a simple access system.

Upon arriving at the address, the survey personnel did not spot any information regarding directory or directory or FOREX24 in the public area. When they reached the 1st floor by taking the stairs, they found that only one room was occupied in the nearly empty corridor, with its office door marked “3BROZ.” And it primarily provided SEO and internet marketing services, which were unrelated to FOREX24.

The inspection team only saw one office on the 1st floor, which was actually used by “3BROZ.” Meanwhile, the companys logo was displayed on the door, with no other company information visible nearby. The team knocked on the closed door, but there was no response. It suggested that there was no one working in the office, not even security staff on duty.

The survey team tried to visit the FOREX24 website, but it was inaccessible, with the page indicating a “Connection Failure.” Based on the related information, it is inferred that the company might have ceased operation or relocated.

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 FOREX24, 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.