Crypto.com has published evidence of its reserves from an audit conducted by the independent auditing firm, Mazars Group, which showed that its customers’ assets are fully backed up one-to-one.
This comes after the publication of a similar report by the same auditor proving the reserves of Crypto.com competitor Binance. Similar to Binance, Mazars compared assets held in on-chain addresses at Crypto.com with the balances of the exchange’s customers on December 7.
“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.
Cryptocurrency exchanges have come under pressure to provide more transparency in the wake of the collapse of FTX, a once trusted cryptocurrency exchange now under investigation for fraud.