Reason for this visit
Estonia, a country praised as one of the most crypto-friendly in the EU, revoked the licenses of more than 1,000 crypto companies in 2020. Estonia's financial intelligence unit, known as FIU, has revoked the licenses of about 70 percent of cryptocurrency companies operating in the country this year. Estonia was widely regarded as a crypto industry pioneer after enacting a series of laws that seemed designed to encourage exchanges and ICOs. However, major changes in the regulatory environment have made it more difficult for licensed crypto companies to comply with local regulations. To help investors or practitioners get a more comprehensive understanding of the local exchanges, the survey team decided to go to the Republic of Estonia for on-site visits.
This time the survey team visited the cryptocurrency exchange BIT4SALE in Tallinn, the capital of Estonia, with specific address at Harju maakond, Tallinn, Kesklinna linnaosa, Tartu mnt 70-24, 10144, Estonia.
According to the above address, the survey team came to the destination of this survey, Harju maakond in Harju County, north of Tallinn, Estonia. However, they failed to find the logo of BIT4SALE, the cryptocurrency exchange, or any other company logo at its officially disclosed address.
The surveyors did not find any exchange signs in the front, so they went around to the back door. Also, they found no sign that the building was an office building.
After observing the structure and exterior decoration of the building, the surveyors still failed to find the signs of the exchange BIT4SALE. Thus, they came to consult with the community property. It was learned that the community was a residential building, not used for offices.
The survey team went to Tallinn, Estonia, to visit the cryptocurrency exchange BIT4SALE, and found no business premise of the exchange. It was supposed that the exchange might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this exchange.
The content is for informational purpose only, and shall not be taken as final order for making choice.
2-5 years | Suspicious Regulatory License | Digital Currency License | High potential risk