Reason for this visit

Canada, one of the most "crypto-friendly" countries in the world, has become the market that global crypto exchanges are competing for since June 2020 when the country passed a bill to completely legalize cryptocurrency with cryptocurrency exchanges classified as institutions that provide financial services. 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 BitZ (licensee: BITZ INTERNATIONAL LTD) as planned according to its regulatory address that 2300 Yonge Street, Suite 1600, Toronto, On, Canada, M4P1E4.

The investigation team arrived at the destination on April 26 in Toronto, the largest city of Canada, and the capital of Ontario, where the Yonge-Eglingon center is located. Equipped with intelligent offices, the commercial office complex sits at 2300 Charles Yonge Street, which is surrounded by a clean environment with huge crowded of people at rush hours. At meantime, it’s not far from the Eglinton Station, with good access to transport. And a shopping mall lies on the ground floor.

According to the security guard working here, people were allowed to visit the working area by elevator without a registration. After entering the building, the investigators didn’t find any information about BitZ from the company directory on the 16th floor, and the room 1600 was actually a shared office without any companies’ name.

Through an on-site investigation, it is confirmed that the company doesn’t have a presence here.

Conclusion

The survey personnel went to Toronto, Canada to visit the cryptocurrency exchange BitZ, but didn’t find the company’s office at its regulatory address, which suggests that the company doesn’t 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.