Key Data

• Trading Name: Coinomi
• Legal Entity: COINOMI LTD/COINOMI HOLDINGS LTD.
• Activities: Multichain Crypto Wallet
• Location: British Virgin Islands
• Regulations: unregulated
• Key People: Georgios Kimionis/Giannis Ntzegkoutanis/Giannis Jegutanis

Coinomi is a multilingual hot wallet that provides top-notch security for user funds. The privacy-centric wallet supports 125 blockchains and is available in 25 languages, including German and Portuguese.

Coinomi is therefore a hot wallet, but with the option of storing private keys offline.

As a crypto wallet, the app prioritizes user privacy and assures users that no identity data will be stored. Additionally, it skips any know-your-customer (KYC) procedures. In terms of usability, the developers have introduced an innovative feature called “Crypto DNS,” which allows users to rename their crypto addresses, making them more legible and memorable.

While direct crypto purchases are not supported through Coinomi, the company collaborates with various third-party providers to facilitate the buying of cryptocurrencies.

Offering

Coinomi offers a versatile, free multi-chain wallet for mobile and desktop, supporting over 125 blockchains and thousands of tokens. With a global footprint, including offices in London, Athens, Valetta, and Nicosia, Coinomi does not facilitate direct cryptocurrency purchases with fiat currencies like U.S. dollars or Euros. Instead, users can use third-party services to buy and transfer assets into their wallets for management or trading.

The wallet allows users to handle various crypto assets from a single interface, supporting all major cryptocurrencies and tokens such as ERC20, Omnilayer, BEP2, and TRC10. Users can manage unlimited wallets with unique encryption settings and perform one-click cross-chain payments, enabling payments between altcoins and Bitcoin addresses seamlessly.

Customer Review

Trustpilot: 2,9 Stars with 730+ Reviews

People

• Georgios Kimionis
• Giannis Ntzegkoutanis
• Giannis Jegutanis

Regulation and Jurisdication

Coinomi operates with a distinct approach to regulatory practices, maintaining a stance of minimal regulatory oversight. The company is registered in the British Virgin Islands (BVI), a jurisdiction known for its lenient regulatory environment, particularly in financial services. Notably, Coinomi’s website does not provide detailed information regarding its legal standing, jurisdictional affiliations, or compliance strategies. This absence of transparency could raise concerns among users about the robustness of legal protections and the company’s commitment to regulatory compliance. Operating in the BVI allows Coinomi to benefit from the region’s favorable regulatory framework, but it also places the responsibility on users to understand the potential risks associated with a less regulated financial service provider.

Conclusion and Rating

In conclusion, Coinomi’s approach to regulatory transparency and customer feedback presents significant concerns. The company’s decision to operate under the lax regulatory framework of the British Virgin Islands, coupled with its lack of detailed legal and jurisdictional information on its website, underscores a transparency deficit. Furthermore, customer reviews have highlighted issues, which when considered alongside the missing regulatory data, paints a picture of potential risk for users. Given these factors, we assign Coinomi an Orange rating.

This rating reflects a moderate level of caution due to the absence of critical information and mixed customer experiences, suggesting that potential users should proceed with awareness of these limitations.