CoinField

CoinField Exchange

CoinField was a cryptocurrency exchange launched in 2018, based out of Tallinn, Estonia, with aspirations for global reach, including Canada. It positioned itself as a regulated crypto-to-fiat exchange, initially offering a wide range of cryptocurrencies and its own native token, CoinField Coin (CFC). However, the exchange has since become inactive, facing significant regulatory actions and accessibility issues for users.

What Made It Unique (Historically)

• Crypto-to-Fiat Trading: CoinField aimed to provide direct trading of cryptocurrencies against multiple fiat currencies like USD, EUR, CAD, GBP, and JPY, which was a key differentiator for many users.
• Broad Cryptocurrency Portfolio: It boasted a substantial number of listed cryptocurrencies and trading pairs, including major ones like BTC, ETH, XRP, and various altcoins.
• Native Token (CFC): CoinField introduced its own utility token, CFC, which was intended to offer benefits such as trading fee discounts (up to 50%), staking rewards, and use for other platform fees.
• Advanced Security Claims: The exchange touted features like military-grade security, multi-signature wallets, DDoS protection, and a "Secret Vault" technology.
• Regulatory Claims: CoinField stated it was supervised by the Financial Intelligence Unit (FIU) in Estonia and aimed to comply with regulations in various jurisdictions.

Things to Keep in Mind (Crucial Information for Today)

• Effectively Inactive/Inaccessible: As of approximately August 2023, the CoinField platform became inaccessible to all investors. Major cryptocurrency data aggregators show its trading volume as "untracked" or virtually non-existent, indicating a complete lack of operational activity and liquidity.
• Regulatory Allegations & Issues:
  • The Ontario Securities Commission (OSC) in Canada has filed a Statement of Allegations against CoinField (Manticore Labs OÜ and Manticore Labs Inc.), alleging that it operated an unregistered crypto asset trading platform in Ontario and allowed residents to trade securities and derivatives without registration.
  • The OSC further alleges that CoinField did not have sufficient crypto assets in custody to satisfy investor withdrawal requests and failed to honor withdrawals in a timely manner, while misleading investors about the true reasons for delays.
  • The Financial Services Commission, Mauritius, issued an investor alert stating CoinField was not licensed and regulated by them to undertake virtual asset transactions in Mauritius.
• Withdrawal Delays & Fund Loss: Reports from regulatory bodies explicitly state that investors experienced significant delays and outright inability to withdraw their assets, leading to investor losses.
• High Risk for Former Users: If you had funds on CoinField, they are likely at high risk of being irrecoverable due to the platform's alleged financial mismanagement and current inactive status.
• Not a Current Trading Option: Due to its complete inactivity, unresolved regulatory issues, and proven failure to return investor funds, CoinField is not a functional or safe platform for any cryptocurrency trading today.

In summary, CoinField Exchange is no longer operational and has a history of significant regulatory issues and failed withdrawals, resulting in investor losses. It is strongly advised to avoid this platform. For any cryptocurrency trading, always choose active, reputable, and well-regulated exchanges.