Proof of reserves is a series of ledger that shows transactions taking place within a blockchain. The release of the proof of reserve is a sign of financial wellness within the exchange. With the recent fall of FTX and Luna, many exchanges have been under deeper scrutiny.
As a leading Social Crypto Exchange, BingX released proof of reserve by a trusted auditor. All cryptocurrency holdings are collateralised within the blockchain and in command of BingX finances.
“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.” Wiehann Olivier, Digital Asset Lead and Partner at Mazars.
BingX aims to promote transparency in a growing industry to allow new users to feel safe investing. BingX users can also now check BingX’s assets & personal user assests data in real-time under Merkle Tree Verfier Page.
“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 legitimise the industry and regain trust in the investor community. There might be tumultuous and dark times outside, but BingX is trying to stabilise the ship.”
Founded in 2018, BingX has grown to become the world’s leading social trading platform. It is a global digital asset, spot, and derivatives trading platform that provides a safe, reliable, user-centric, and open ecosystem with intuitive social trading features BingX offers ETC USDT , XTZ USDT, THETA USDT, BTC USDT and ETH USDT derivatives and Copy Trading service to more than 100 countries and regions worldwide with over 5 million user