Reason for this visit

The United Kingdom boasts one of the world‘s most vibrant and most liquid cryptocurrency market. According to the data released by CryptoCompare, the UK ranks 11th in terms of the most liquid cryptocurrency Bitcoin market thanks to the majority of the British buying cryptocurrencies with online cryptocurrency exchanges. Despite the regulatory challenge, the UK has taken initiatives in the struggle to regulate the new financial products. Nowadays, the Financial Conduct Authority (FCA) in the UK requires the local cryptocurrency exchanges to register before delivering their services. This ensures that all the related companies operate businesses in accordance with the law and regulation on Anti-Money Laundering and Counter Terrorist Financing. Therefore, the investors feel more safe and confident in investment, while certain transactions and services are likely to be restricted in line with the regulation. Undoubtedly, the cryptocurrency market in the UK has the enormous potential. To help investors have a more comprehensive understanding of the country’s exchanges, WikiBit survey team will go to the UK for on-site visits to local companies.

On-site visit

The survey team visited cryptocurrency exchange Plus500 in the UK according to its regulatory address that 78 Cornhill London EC3V 3QQ.

On December 15, 2023, the investigators came to Union Building at 78 Cornhill in Central London, UK for a visit to the exchanges office. The building boasts a coveted location easily accessible via public transports within 5-munite walking distance from multiple Tube stations and mainline railway stations.

Upon arrival at the building for further investigation, the survey personnel discovered that it was not open to the public, and that people weren‘t allowed to enter without the permission upon communication through the intercom system at the entrance. However, nobody answered the phone. According to the building directory, there wasn’t any information pertinent to Plus500.

Through the on-site investigation, it is confirmed that the company doesnt have a physical presence at the location.

Conclusion

The survey personnel went to London in the UK to visit cryptocurrency exchange Plus500 as planned, but didn‘t find the company at its regulatory address. This signifies that the company doesn’t have a physical business office at the place. Therefore, 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.