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 local exchanges, WikiBit survey team decided to go to Canada for on-site visits to them.

On-site visit

In this issue, the investigation team went to Toronto, Canada to visit the cryptocurrency exchange InstaBTC (licensee: INSTABTC) as planned according to its regulatory address that 181 DUNDAS STREET EAST, UNIT 2710 TORONTO, ON, CANADA M5A0N5.

The survey personnel arrived at the destination on June 24 in Toronto, the largest city of Canada and the capital of Ontario. Grid Condos is a staggering high-rise building located near downtown Toronto. And the nearby streets were very clean without much traffic.

After entering the building, the inspection team found that there were security guards in the lobby and only car park area could be accessible by visitors. According to the information inside the lift, most part of the building belonged to residential area and people werent allowed to use the lift without an access card. Unfortunately, there was no related information about exchange InstaBTC.

After an on-site investigation, it is confirmed that the company doesnt have a presence there.

Conclusion

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

Disclaimer

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