BingX, one of the leading crypto exchanges, took the lead and published its Proof-of-Reserves report verified by Mazars, a trusted third-party auditor, offering BingX's customers additional transparency and reassurance that their cryptocurrency holdings are collateralized, with collateralization ratios of 132%, 122%, 186%, and 112% for BTC, ETH, USDC, and USDT respectively, exist on the blockchain and under the control of BingX.
Mazars is an international audit, tax and advisory firm with operations in more than 90 countries and territories. With a wealth of experience in the cryptocurrency industry, Mazars South Africa conducted third-party verification with BingX and helped ensure that only credible platforms operate in the market. "Mazars is proud to help leading exchanges such as BingX bring transparency to the cryptocurrency industry. Wiehann Olivier, Head of Digital Assets and Partner at Mazars.
BingX wishes to promote industry transparency and create a solid foundation of trust between investors and exchanges. 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. Proof-of-Reserves verification provides an unbiased and completely honest picture of a crypto exchange's financial backing, thereby helping customers make more informed decisions. BingX reiterates its absolute commitment to sustainable development that always puts customer safety first.
Proof of Reserves or PoR is a verifiable attestation procedure that helps enhance transparency to centralized cryptocurrency reserves. PoR uses a cryptographic method employing the "Merkle Tree" technique, checks the ownership of public wallet addresses, and recurring third-party verification to certify a centralized 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 in safe custody.
"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", said Elvisco Carrington, PR and Communications Director at BingX. "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 legitimize 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."
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BingX Operation Team