Reason for this visit
Estonia, known as one of the EU's most crypto-friendly countries, revoked the licenses of more than 1,000 cryptocurrency companies in 2020. Estonia's financial intelligence unit, FIU, has already revoked approximately 70% of the licenses of cryptocurrency companies operating in the country this year. Estonia has enacted a series of laws that seem to be aimed at encouraging exchanges and ICOs, and is regarded by many as a pioneer in the crypto industry. However, a major change in its regulatory environment later made it more difficult for licensed crypto companies to comply with local regulations. In order to help investors learn more about the current status of the Estonian cryptocurrency exchanges, the survey team is going to Estonia for site visits.
This time the survey team visited the cryptocurrency exchange Kriptomat in Tallinn, Estonia, with specific address at Harju maakond, Tallinn, Lasnamäe linnaosa, Väike-Paala tn 2, 11415.
The team came to the destination based on the above address at Väike-Paala. It was a high administrative building with well-decorated ground floor. There were a lot of shops in business. The upper level was the office area.
The team found the company nameplate in the lobby and the tour guide did not show the Kriptomat’s nameplate logo. In addition, no information about the exchange Kriptomat was found anywhere in the hall.
In order to confirm whether Kriptomat was located here, the team entered the elevator of the building. They did not find any information about Kriptomat on the guide. They supposed that Kriptomat might be fake.
The survey team went to Tallinn, Estonia to visit the cryptocurrency exchange Kriptomat, and found no business premise of the exchange, which means the given business address might be fake. Please be prudent if 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 | High potential risk