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 Serenity in Tallinn, the capital of Estonia, with specific address at № 14375212, 27.11.2017 Estonia, Rännaku pst12, Tallin, Harju county, 10917.
According to the above address, the survey team took the local train to the destination of this survey, Rännaku ps street located in the outskirts of the Estonian tower, far from the city center. The building is a small two-storey one. Looking through the window, there were people working in the building. Thus, the building was judged to be used for office purposes.
The surveyors did not find the logo of Serenity on the exterior of the building or around the main entrance.
To further confirm whether the exchange Serenity really existed there, the surveyors checked the company on the entrance control, but could not find the nameplate of Serenity. Also, there was no directory of company inside the building. Later, the surveyors consulted with the security guard of building and confirmed that the exchange Serenity was not operated in the building.
The survey team went to Tallinn, Estonia, to visit the cryptocurrency exchange Serenity, 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.
1-2 years | Suspicious Regulatory License | Digital Currency License | High potential risk