BingX publishes Proof-of-Reserve report by auditor Mazars to address general distrust in crypto
“It is our responsibility to help our customers know their platform and feel safe. They should only trade in regulated and licensed exchanges or one showing them proof when they need it.”
BingX has published its Proof-of-Reserve report verified by third-party auditor Mazars at a time of greater distrust in centralized exchanges (CEX) of crypto markets.
The collapse of FTX and losses of customers’ assets have raised concerns and questions about the industry. In a bid to restore investor confidence in cryptocurrency, BingX published POR to aid the development of a more dependable and open ecosystem.
Collateralization: 132%, 122%, 186%, and 112% for BTC, ETH, USDC, and USDT
Proof-of-Reserve (POR) uses cryptographic method employing “Merkle Tree” technique, checks the ownership of public wallet addresses, and recurring third-party verification to certify a centralised platform’s fund reserves.
It is used to verify data that has been handled, sent, or stored between computers. Now BingX customers are able to check data on BingX Merkle Tree Verifier Page in real time and ensure their assets are safely custodied. Proof-of-reserve verification provides an unbiased picture of a crypto exchange’s financial backing.
According to the audit, BingX’s cryptocurrency holdings are collateralized, with collateralization ratios of 132%, 122%, 186%, and 112% for BTC, ETH, USDC, and USDT respectively. These exist on the blockchain and are under the control of BingX.
“Our attestation services will allow BingX to be more transparent”
Mazars South Africa, a subsidiary of the leading international audit, tax and advisory firm, with a presence in over 90 countries and territories, conducted a third-party verification of BingX.
Wiehann Olivier, Digital Asset Lead and Partner at Mazars, said: “Mazars takes pride in assisting leading exchanges such as BingX to bring transparency to the crypto industry. Our attestation services will allow BingX to be more transparent, so their users can feel safe and assured about their assets, and keep better track of their funds and other digital assets.”
Elvisco Carrington, PR and Communications Director at BingX, said: “It is our responsibility to help our customers know their platform and feel safe. They should only trade in regulated and licensed exchanges or one showing them proof when they need it. POR offers customers more security for their assets. It is not the only tool to prove everything is in order. But we will never hesitate to provide anything that can promote customers’ confidence and increase transparency. We hope this POR verified by Mazars can help legitimise the industry and regain trust in the investor community. There might be tumultuous and dark times outside, but BingX is trying to stabilize the ship.”
