Reason for this visit
Cyprus purchased Greek national debt non-prudently in 2012. When the Greek national debt management defaulted, the Cyprus banking system suffered heavy losses, exceeding 30% of Cyprus’s GDP, and the country’s domestic debt crisis arose. In response to the crisis, the Cypriot government introduced a terrible solution that was opposed by all people, aggravating the crisis. At the same time, some people in Cyprus discovered that various cryptocurrencies whose prices are in an upward cycle, independent of sovereign currencies, may be able to cope with this crisis, so some funds poured into the small cryptocurrency market in an attempt to avoid risks and protect themselves. Gradually, Cyprus has become an active country for cryptocurrency transactions. In order to help investors learn more about the current status of the cryptocurrency exchanges in Cyprus, the survey team is going to Cyprus for site visits.
This time the survey team visited the cryptocurrency dealer Obrinvest in Limassol, the second largest city in Cyprus, with specific address at 12 Archiepiskopou Makariou Avenue III, Office No. 201, ZAVOS KRISTELLINA TOWER, 4000, Mesa Geitonia, Limassol, Cyprus.
The surveyors followed the address on the regulatory information to a local landmark building. Obrinvest's office was located in downtown Limassol. The main entrance was inconspicuous in the middle of a row of small stores, but the interior of the building looked upscale. According to the observation, there were many crypto dealers renting the building.
At the entrance of the building, the surveyors found the name of Obrinvest on the directory. The address displayed by the dealer was the 2nd floor of the building, which was consistent with the information on the directory.
Also, the surveyors found the name of Obrinvest on the mailbox in the lobby. There was no access control system or reception desk in the lobby. Thus, the surveyors decided to go straight upstairs for a visit.
Arriving on the 2nd floor, the surveyors found Obrinvest's office with their logo on the door. Then, the surveyors tried to ring the doorbell, but ultimately no one responded, so they did not enter the company for an internal visit.
The physical address of Obrinvest, a licensed dealer in Cyprus, was the same as the regulatory address. However, the internal situation of Obrinvest was still unknown as the surveyors did not have access to the office. Investors can make their choice after comprehensive consideration.
The content is for informational purpose only, and shall not be taken as final order for making choice.
1-2 years | Suspicious Regulatory License | Medium potential risk