Coinplace is a cryptoasset exchange located in United Arab Emirates. Their volume over the last 24 hours is $0. The exchange is rated “D” which means “Poor.” They are a crypto-only exchange.
Coinplace is a P2P cryptocurrency trading platform, founded in 2017. The concerning fact here is that its website doesn’t include any information about the operating company or where is it headquartered. However, it features an “Advisers” section where we find the names of several well-known financial professionals, including Margrith Lütschg-Emmenegger, CEO & Chairman of Hili Properties Ltd., Malta, Dennis Firmansjah, Chairman of FAIM and Secretary-General of the Asian Financial Services Association (AFSA), Michael Ruckman, founder and CEO of Senteo and background in BNP-Paribas, CBRE, Citibank, IBM, ING, Ivanhoe Cambridge, etc., Pavel Salas, Director of development at ETORO, and others. Although involving all these high-profile names may be considered as a step in the right direction, it is safe to say that Coinplace doesn’t succeed in the mission of building credibility and providing transparency regarding its services.
To try to track down the founders of the platform, we take a look at its LinkedIn page. According to the information there, Coinplace employs between 11 and 50 individuals. However, only 9 of them have profiles on the professional network. Unfortunately, none of the associated individuals holds a management position at the company. What can be concluded though, is that most of the employees are from Russian origin or have experience in companies, situated in Moscow or Saint-Petersburgh. One of the individuals, named Nikita Muss, even states that he holds a Key Partner Manager position in Coinplace in Moscow. However, the address on the platform’s LinkedIn page is RAKEZ Bussines zone, Ras Al Khaimah, which is in the UAE. Unfortunately, at the time of this writing, it is hard to say where is Coinplace situated.
On its website, the company is described as “the world platform for direct P2P trading of ICO tokens and cryptocurrencies.” The information there also states that Coinplace offers “unique solutions for ICO projects, such as social media promotion, trading without commissions, bounty distribution, etc.” From the provided details, it becomes clear that Coinplace’s business model is built around attracting upcoming ICO projects and connecting them with potential investors. In its “Help” section, Coinplace defines its plan – to place as many cryptocurrencies on the platform as possible. It continues to say that users can trade without a broker or regulator and can take advantage of “the most beneficial price, avoiding high costs.” According to Coinplace, it will become the “first P2P platform to offer sellers incentives to sell at below exchange prices.”
The platform also issues its own token, called CPL. According to the information on its website, the total circulating supply of CPL is 3 200 716.85. Although Coinplace supports a landing page, dedicated to the token, at the time of this writing, it doesn’t feature any information, regarding its purpose and advantages. According to third-party reports, the CPL token grants its holders the right to place advertisements on the platform, list ICOs, highlight ads, exclusive terms for purchasing ICO tokens, and so on.
According to the “Terms and Conditions” page on Coinplace’s website, the platform protects its users’ data by storing it in locations and premises that are physically protected with mechanical and electrical locks. The exchange also claims to utilize firewalls and programs preventing access from malicious software. However, aside from that, there is no other meaningful information regarding the employed security measures.
Coinplace claims to offer several support channels – email and Telegram, as well as social media and forums like Reddit. However, it seems like the communication with its clients is very much non-existent as, at the time of this writing, there are plenty of annoyed users online, expressing their frustrations with the lack of adequate or timely support.
When it comes to reputation, it is worth noting that Coinplace doesn’t really stand out as well. There are several reports of users who have lost their funds or struggled to withdraw what they had deposited on the platform. Many clients also note that customer support intentionally avoids addressing their issues, which have left them waiting for months.
At the time of this writing, Coinplace has no history of hacker attacks, security breaches, or governmental investigations.Read More