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Crypto.com Releases Proof-of-Reserves Data Showing Client Assets Are Fully Backed
The examination was done by auditing firm Mazars.
By Helene Braun
Updated May 9, 2023, 4:04 a.m. Published Dec 9, 2022, 3:45 p.m.
Crypto.com released proof-of-reserves data from auditing firm Mazars Group that showed its clients' assets are fully backed one to one, according to a statement Friday.
This comes after rival exchange Binance released a similar report from the same auditor seemingly proving its reserves on Wednesday. Similar to Binance, Mazars compared assets held in on-chain addresses on Crypto.com with customer balances on Dec. 7.
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However, the report is not an official audit, but a "matching exercise based on information provided by the client about on-chain addresses of assets and a client database of customer balances," according to Francine McKenna, lecturer in financial accounting at the Wharton School at the University of Pennsylvania. "It is no better than the Binance report, which is not surprising since it is the same firm and partner doing it."
The report shows that Crypto.com controlled in-scope assets in excess of 100%.
"Providing audited proof of reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust,” said Kris Marszalek, CEO of Crypto.com.
Centralized crypto exchanges have been under pressure to provide more transparency in the wake of the collapse of FTX, a once-trusted crypto exchange now under investigation for fraud.
UPDATE (Dec. 9, 16:15 UTC): Updated with additional information throughout.
UPDATE (Dec. 9, 17:20 UTC): Updated with additional quote from McKenna.
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