Reason for this visit

Cyprus has gradually become an active country in cryptocurrency trading. The regulatory framework for the cryptocurrency ecosystem in Cyprus is in line with the crypto legislation of the European Union, focusing mainly on consumer protection, anti-money laundering, and anti-terrorism financing. All institutions that provide cryptocurrency asset services must register with the financial regulatory authority, the Cyprus Securities and Exchange Commission (CySEC). There are also regulations regarding the source of operational funds and the detection and reporting of suspicious transactions through continuous transaction monitoring. Cyprus has a broad future development prospect in the blockchain finance field and is expected to become a global blockchain financial center, appealing to more blockchain companies, cryptocurrency exchanges, and investors. In an attempt to help investors to gain a comprehensive understanding of cryptocurrency 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 Cyprus to visit cryptocurrency exchange PURE as planned according to its regulatory address that 1 Argyri Eftalioti & Archiepiskopou Makariou III, Ravico Building, 5th Floor, CY 3085, Limassol, Cyprus.

On April 25, 2024, the investigators came to 1 Argyri Eftalioti & Archiepiskopou Makariou III in Limassol, Cyprus for a visit to the exchanges office, and located Ravico Building, a 5-story commercial building in a business district of the city. With a well-maintained façade, the building boasts convenient transportation with easy access to different places.

Upon arrival at the building for further investigation, the survey personnel spotted a directory at the entrance, which displayed some company logos, excluding “PURE”. It is worth noting that company “Crowdtech” instead of PURE was situated on the 5th floor.

And then the inspection team attempted to visit the official website of CrowdTech and PURE to identify the link between both companies. Despite the accessible website of PURE, there wasnt any direct relationship between CrowdTech and PURE. This signifies the non-existence of exchange PURE in the building.

Through the on-site investigation, it‘s confirmed that PURE doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit cryptocurrency exchange PURE, but didnt find the company at its regulatory address. This denotes that the company might just register with the address without a physical business office at the place. Accordingly, 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.