Reason for this visit

Canada is one of the most “crypto-friendly” countries in the world. Local cryptocurrency exchanges have been classified as institutions that provide financial services since the country passed a bill to completely legalize cryptocurrency in June 2020. As a result, Canada becomes 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 Newton (licensee: NEWTON CRYPTO LTD) as planned according to its regulatory address that 155 DALHOUSIE ST TORONTO, ON, CANADA M5B 2P7.

The survey personnel arrived at the destination on June 18 in Toronto, the largest city of Canada and the capital of Ontario. The Merchandise Building is situated at 155 Dalhousie Street in downtown Toronto, not far from near the campus of Toronto Metropolitan University and the Toronto Eaton Centre. And the nearby streets were very clean without much traffic.

After entering the building, the inspection team found that there were no security guards and people werent allowed to pay a visit without a reservation and registration. Only three stories could be accessible by the lift, while the rest of the building was residential area. But there was no related information about exchange Newton.

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

Conclusion

The survey personnel went to Toronto, Canada to visit the cryptocurrency exchange Newton, but didn‘t find the company’s office at its regulatory address, which suggests that it doesnt have a physical business office there or 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.