Cryptocurrency Exchange Finst Announces It Has Completed a Reserve Audit by an Independent Audit Firm

2023/08/22 08:36

Cryptocurrency exchange Finst, headquartered in Amsterdam, announced that it has completed its reserve audit work with an independent auditing company. This is the first comprehensive reserve audit report aimed at addressing the limitations of traditional audits and setting higher transparency standards for the cryptocurrency industry. Finst's reserve audit not only verifies on-chain assets, but also audits cash reserves, liabilities, and asset segregation measures. Finst stated that this is more comprehensive than just verifying on-chain holdings and can make investors more confident. The audit results confirm that Finst holds customer assets in full reserves at a ratio of 1:1 and effectively isolates assets through bankruptcy isolation vehicles. The report is updated every six months to ensure information transparency. The Finst CEO stated that it is very important for investors to know how well they are protected. They were surprised that no exchange in the Netherlands has released a reserve audit and believe that this should become a standard practice. They welcome all platforms to join this action to enhance transparency and security throughout the industry.

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