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. To help investors gain a more comprehensive understanding of the 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 UK FUSION as planned according to its regulatory address that 396- 5307 Victoria Rd. Vancouver, BC, Canada V5P3V6.

The investigators came to 5307 Victoria Road in Vancouver of British Columbia in Canada for a visit to the exchanges office on November 2, 2023, and located a 3-storey residential building in the neighborhood, rather than a commercial district. It seemed more like a Chinese community building with Chinese stores on the ground floor and residential area upstairs.

Upon arrival at the building, the survey personnel spotted a notebook service center providing computer selling and maintenance, data recovery, and others. According to the Chinese owner of the store, taking photos wasnt allowed inside, and the upstairs were occupied by the residential apartments with the entrance in the store. Additionally, the postbox numbers from the address were used for correspondence of the Chinese community. There was no any office in the building. In the meantime, taking a photo of the mailbox was prohibited.

The survey team didn‘t find any company name or logo including UK FUSION. It could be seen from the outside that the residential terrace was full of furniture and junk, and there was no office or co-working space. Therefore, No.396 from the address is just a mailbox number, and the office of UK FUSION doesn’t exist at the address.

Through an 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 UK FUSION, but didnt find the company at its regulatory address. This suggests that the company may 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.