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 the companies.

On-site visit

In this issue, the investigation team went to Toronto, Canada to visit the cryptocurrency exchange Masscoinex (licensee: NIKHAT INDUSTRIES INC) as planned according to its regulatory address that Suite 1304, 77 Charles Street East, Toronto, On, Canada, M4Y2Z7.

The investigation team arrived at the destination on May 7 in Toronto, the largest city of Canada, in southern Ontario on northwest coast of Lake Ontario. And the target building is situated in a residential area at 77 Charles Street East, surrounded by a clean environment without many people on the street.

After entering the building, the investigators found that the building was an apartment, with its name “BREWIN HOUSING CO-OP” shown at the front entrance. And there wasnt any information about company name at room 1303, except room number.

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

Conclusion

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

Disclaimer

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