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 exchanges in Canada, 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 Canada to visit the cryptocurrency exchange VirgoCX as planned according to its regulatory address that 45 Sheppard Ave E, Suite 803 Toronto, ON, Canada M2N5N1.

The investigators arrived at 45 Sheppard Avenue East in Toronto, the capital of Ontario, Canada on August 15, 2023, and located a modern commercial building at the corner of Yonge and Sheppard Avenue. The fabulous location offers easy access to multiple highways and subway stations.

Without security and a reception area, people were allowed to freely visit the working area in the building. The survey personnel arrived at the target floor by the lift for further investigation according to the regulatory address claimed by VirgoCX.

However, the directory on the 8th floor didn‘t display any information concerning VirgoCX. The investigation team didn’t see any companys logo nor staff in suite 803, without any information regarding company VirgoCX in the floor after searching around. According to other tenants nearby, they had no idea about VirgoCX.

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

Conclusion

The survey team went to Canada to visit cryptocurrency exchange VirgoCX, but didnt find the company at its regulatory address. This suggests that the company may just register at the place without a physical business office. 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.