Reason for this visit

Singapore takes the lead in establishing a cryptocurrency friendly regulatory environment in Asia-Pacific, having the potential to be one of the crypto centers in the world. The government adopts opening policies calling for Fintech innovation, enabling the country to become the preferred cryptocurrency startup incubator. In the meantime, with an increasing number of institutional investors, Singapore is transforming its role into crypto asset management center by gradually formulating perfect regulatory policies. In an attempt to help investors to gain a more comprehensive understanding of current cryptocurrency exchanges in Singapore, 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 Singapore to visit cryptocurrency exchange Bitsftex as planned according to its regulatory address that 73 Upper Paya Lebar Road #06-01C, Centro Bianco, 534818.

The investigators came to 73 Upper Paya Lebar Road in Singapore for a visit to the exchanges office, and located Centro Bianco, a commercial property with close proximity to Upper Serangoon Shopping Centre, Tai Seng MRT Station (CC11) and Bartley MRT Station (NS22). Additionally, the building is easily accessible via Bartley Road East, Paya Lebar Road and Pan Island Expressway.

Upon arrival at the building for further investigation, the survey personnel spotted a directory at the entrance, which, however, did not display the company name or logo of Bitsftex.

Then the inspection team took the elevator to the suite #06-01C on the 6th floor, where no sign of Bitsftex was found.

Through the on-site investigation, it is confirmed that the exchange does not have a physical presence at the location.

Conclusion

The survey team went to Singapore to visit cryptocurrency exchange Bitsftex but did not find the company at its regulatory address. This denotes that it does not have 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.