Bybit Expands Audit to Confirm Backing of Assets and Highlight Transparency

FinanceFeeds Editorial Team

In a move to enhance trust, Bybit, the world’s third-largest crypto exchange, has extended its proof-of-reserves audit to include 32 cryptocurrencies, ensuring that customer assets are fully backed and secure.


Currently, the third-largest crypto exchange globally in terms of trading volume, Bybit has once again underscored its commitment to both transparency and security. The exchange has broadened the scope of its proof-of-reserves audit, now including an unprecedented 32 cryptocurrencies.

The thorough audit validates that all assets are entirely backed, with coverage ranging from 100-124%, thanks to Bybit’s scrupulously maintained wallets.

Acknowledging the increasing calls for transparency in the cryptocurrency sector, Bybit has widened its proof-of-reserves audit. This move ensures that customer assets are securely and fully backed. The latest audit establishes that each of the 32 evaluated cryptocurrencies is entirely funded, with reserves reaching 100-124% of the total assets in Bybit’s layered wallet infrastructure.

Bybit’s dedication to transparency is further reinforced by its stellar industry ratings, such as a flawless 10/10 in CoinGecko’s Trust Score and an ‘AA’ rating in the 2023 CCData Crypto Exchange Benchmark Report. These honors highlight the exchange’s adherence to leading industry standards.

Ben Zhou, Bybit’s co-founder and CEO, stated, “Our proactive approach to transparency with regular proof-of-reserves audits reflects our core belief in trust through verification. In a dynamic landscape like crypto, proof-of-reserves is critical. They empower our users with confidence, knowing that their investments are secure and managed with the utmost integrity.”

Bybit has devised a comprehensive wallet system, comprising cold, warm, and hot wallets, to guarantee exceptional security and immediate access to funds when necessary. Partnering with top third-party custodians like Fireblocks and Copper, Bybit ensures the robust security required to maintain its leading position in the crypto exchange industry.

  • Read this next

    Digital Assets

    Bitcoin nears $62,000, sparking retail buying frenzy

    Bitcoin dashed past the $61,000 barrier on Wednesday, a peak it hadn’t touched since the waning days of November 2021.

    Market News

    OPEC+ Extension of Oil Output Cut Causes Rally

    The dynamics surrounding crude oil are indeed fascinating, given its unique role as both a globally traded commodity and a vital energy source deeply influenced by the OPEC+ alliance’s decisions.

    Institutional FX

    DKK reports 226% growth in 2023 with eyes on African expansion

    “Our numbers are beginning to show how we are powering, the growth required by emerging markets, and we plan for the success of our strategies to continue to thrive in 2024.”

    Industry News

    ‘WTF’ as in ‘What The Fraud?’, Sumsub’s new podcast on digital fraud

    “We found a lack of informative podcasts talking about digital fraud threats and prevention for business owners. So, we decided to dive in and share our expertise along with industry top minds in the ‘What The Fraud?’ podcast.”

    Digital Assets

    Coin Metrics integrates market data from Cboe Digital

    “We are pleased to work with Coin Metrics and believe that having quality and timely data, and systems to analyze that data, will help crypto markets mature as well as evolve to become a core component of a diversified investment portfolio. We are focused on providing access and solutions to the spot and derivatives crypto market in a way which mirrors an investor’s experience with traditional markets.”


    AU10TIX launches KYB solution to address regulatory requirements

    “Our customers have been requesting a comprehensive KYB solution, because money laundering and fraud have become far too prevalent in the corporate world. Our unified KYB/KYC solution is essential for identifying bad actors and maintaining a safe business environment in 2024.”

    Digital Assets

    Japan Is Rapidly Emerging As A Global Leader In Compliant Crypto Payments

    Japan is often hailed as one of the most forward-thinking nations in the crypto industry, with its government taking a very positive stance on the potential of concepts such as Web3. 

    Digital Assets

    Kraken launches institutional arm

    “If you already work with Kraken, you know how much we care about offering high quality products and a client-first experience. We’ve been the leading crypto exchange for more than a decade and through Kraken Institutional, we’ll offer the same deep expertise and cutting-edge technology to propel trading excellence for institutions.”


    Centroid integrates with brokerage solutions provider GTN

    “We are thrilled to integrate GTN into Centroid Bridge, our multi-asset connectivity bridging engine. This integration allows our clients to gain access to the wide range of multi-asset products offered by GTN.”