UNLOCK first became aware of coinsfera through a twitter post and decided to investigate the crypto buying and selling entity further. On visiting Coinsfera website, the company claims that Coinsfera is a crypto currency cashpoint where users can buy and sell more than 500 cryptocurrencies with cash in seconds. UNLOCK was surprised to see this given that both the UAE and Turkey have yet to finalize their cryptocurrency regulations and do not even allow crypto ATM machines in their respective countries.
The website adds that Coinsfera services can be found in Turkey, Dubai United Arab Emirates and Ukraine, yet the only two locations offered in the website are for Dubai and Turkey with no mentioning of Ukraine. In the UAE, Coinsfera claims to have offices in Baniyas Square 14th road Dubai UAE, while in Turkey it is present at Beyazıt Mahallesi, Çarşıkapı Nur-u Osmaniye Caddesi no:39. Istanbul Fatih. They also claim to have more than 20 employees across these three countries.
In addition their website claims, “We store the vast majority of the digital assets in secure offline storage and supports a variety of the most popular digital currencies.”
UNLOCK called their number in Dubai +971 58 580 82 11 and the person on another line confirmed that we could pass by their offices in Dubai and pay in cash for Bitcoin. He would then transfer the Bitcoin to our wallet.
The question is, is this regulated and if so why not just license the many crypto exchanges that have requested licenses in UAE.