Reason for this visit

Canada is one of the most “crypto-friendly” countries in the world, with the government actively promoting the development of the digital economy, during which cryptocurrencies, as digital assets, play a significant role. Furthermore, Canada is home to multiple well-known cryptocurrency companies. In recent years, the Canadian government has invested substantial resources and money into research and applications of cryptocurrencies and blockchain technology, including decentralized identity authentication, smart contracts, and other areas, indicating that it will continue to play a crucial role in the era of digital economy in the future. As a result, Canada becomes one of the competitive markets for global crypto exchanges. In an attempt to help investors gain a more comprehensive understanding of current exchanges in Canada, 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 Canada to visit cryptocurrency exchange bybit as planned according to its regulatory address that 595 Burrard Street Vancouver, BC, Canada V7X1L3.

The investigators came to 595 Burrard Street in Vancouver of British Columbia, Canada for a visit to the exchange‘s office on November 17, 2023, and located a modern commercial building at the bustling financial street. The building’s coveted location puts it easily accessible via public transports and close to the SkyTrain stations.

Upon arrival at the building for further investigation, the survey personnel spotted a digital directory in the lobby, which didn‘t display any information regarding “bybit”. According to the company’s address, no specific unit number was shown. Additionally, there wasnt a reception area and security guards in the foyer.

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

Conclusion

The survey team went to Canada to visit cryptocurrency exchange bybit, but didnt find the company at its regulatory address. This signifies that the company might just register at the place without a physical business office. 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.

Monetary Authority of Singapore MAS

Investor Alert: Bybit Fintech Limited; Bybit

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