Reason for this visit

Turkey has been in economic turmoil for the past few months. Lira, the fiat currency of Turkey, has depreciated sharply, which prompts the locals to swap the lira for bitcoin, foreign currencies, and gold. Also, Turkey's central bank had banned cryptocurrency payments in mid-April, meaning local companies are not allowed to make transactions involving crypto assets. Regulatory uncertainty, extremely high volatility and crime were cited as key reasons behind the decision. To help investors know more about the local exchanges, the survey team will go to Turkey for on-site visits.

On-site visit

This time the survey team visited the cryptocurrency exchange Bitospher in Istanbul, Turkey, with specific address at Yenikoy Neigh. Kibris Sehitleri Ave. Tuncer Ersoy Carsisi Sit. C Apt. No: 178/3/4 Bodrum Mugla.

According to the above address, the survey team came to the destination of this survey. The office of the cryptocurrency exchange Bitospher was located in Istanbul, the financial center of Turkey. The building was older and lower than the surrounding high-rise buildings. However, it was located in a relatively prosperous area where many financial companies gathered. 

The surveyors were stopped outside the building by security personnel, who said they needed company guidance for internal visits. According to the nameplate on the ground floor of the lobby and the confirmation of the security personnel, it was learned that there was no office of the exchange Bitospher inside the building.

Conclusion

The survey team went to Istanbul, Turkey to visit the cryptocurrency exchange Bitospher, and found no business premise of the exchange, which means the given business address was fake. Please be prudent if trading with this exchange. 

Disclaimer

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