Reason for this visit

Cyprus boasts a relatively friendly cryptocurrency-related legislative environment, and currently allows cryptocurrency trading. The government has adopted an open policy to promote digital economy and increasingly strengthen the related regulation by requiring exchange platforms to implement KYC. There are a certain number of cryptocurrency exchanges and blockchain startups in Cyprus, and some merchants and enterprises have started to accept cryptocurrencies like Bitcoin as a payment method, with parts of ATMs supporting withdrawal by cryptocurrencies. In an attempt to help investors to get a more comprehensive understanding of the exchanges in Cyprus, 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 the second largest city Limassol in Cyprus to visit cryptocurrency exchange ETFinance (full name: Magnum FX (Cyprus) Ltd) as planned according to its regulatory address that Agias Fylaxeos 1, 2nd Floor, 3025 Limassol.

On September 17, 2023, the investigators came to Agias Fylaxeos 1 in Limassol, and located an old 2-storey building beside the street. And the building was occupied by a barber shop named “High Voltage”. Without an outdoor stair, we failed to access the 2nd floor. There was no any information regarding company ETFinance.

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

Conclusion

The survey team went to Cyprus to visit cryptocurrency exchange ETFinance, but didn‘t find the company at its regulatory address. This suggests that the company doesn’t have a physical business office at the location. Therefore, investors should be cautious 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.