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 exchanges in Canada, WikiBit survey team decided to go to the country for on-site visits to the local companies.

On-site visit

In this issue, the investigation team went to Toronto, Canada to visit the cryptocurrency exchange Bitcoin4U (licensee: BITS & BYTES MOBILE SOFTWARE INC) as planned according to its regulatory address that 895 Don Mills Road, Two Morneau Shepell Centre, Suite 900, Toronto, On, Canada, M3C1W3.

The survey personnel arrived at the destination on July 28 in Toronto, the largest city of Canada and the capital of Ontario. Two Morneau Shepell Centre is an A grade building situated in an office park at 895 Don Mills Road of downtown Toronto. The office park boasts expansive green spaces and amenities, with little traffic on the streets nearby.

After entering the building without security guards and receptionists in the foyer, the investigators found from the company directory that Suite 900 was marked as the executive offices and meeting rooms of “Regus”, without any related information about exchange Bitcoin4U.

And then the survey team arrived at the 9th floor by elevator, where the floor directory didn‘t display anything about Bitcoin4U. There was no receptionist as well as any company’s name and logo at the door of Suite 900, besides the sign of shared office “Regus”.

Through an on-site investigation, it is confirmed that Bitcoin4U doesnt have a presence there.

Conclusion

The survey personnel went to Toronto, Canada to visit cryptocurrency exchange Bitcoin4U, but didn‘t find the company at its regulatory address. It suggests that the company doesn’t have a physical business office or just registered at the location. Therefore, investors are advised to choose the exchange cautiously.

Disclaimer

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