SINGAPORE, Dec. 1, 2022 /PRNewswire/ -- BingX, one of the leading crypto exchanges, took the lead and published its Proof-of-Reserve 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 a leading international audit, tax and advisory firm, with a presence in over 90 countries and territories. With rich experience in crypto sector, Mazars South Africa conducted a third-party verification with BingX and helped ensure only credible platforms are operating in the market. "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 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-reserve 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 Reserve or POR is a verifiable attestation procedure that helps enhance transparency to centralised cryptocurrency reserves. 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.
"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 stabilize the ship."