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 Coinbank 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. The building is a second-floor shophouse with a company logo named sorbum group on the door. However, the surveyors failed to find the logo of Coinbank, the cryptocurrency exchange, at its officially disclosed address.
Also, the surveyors did not find the logo or other information of Coinbank on the glass sliding door.
The logo at the doorbell was also sorbum group, which was same to the one on the doorframe. Further, there was no information about Coinbank, the cryptocurrency exchange.
The survey team went to Tallinn, Estonia, to visit the cryptocurrency exchange Coinbank, 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 | High potential risk