Announcements

We are Financially Sound.

CoinDCX publishes Proof of Liability Report with Leading Audit Firm 

Recent events in the crypto-exchange space have placed a greater focus on transparency and risk protection. At CoinDCX, our motto is more transparency = more trust.

We were the 1st crypto exchange in India to publish our POR report and highlighted the importance of having an equal visibility on liabilities to ensure a healthy Reserves to Liability (R2L) ratio. Today we are proud to have completed our Liability audit and share our Proof of Liabilities certified by our statutory auditors- SGCO & Co. LLP, Chartered Accountants.

By publishing our audit report, we can conclude that CoinDCX has 1:1 assets backing, and no fractional reserve operations. We’re financially sound. 

More details from our audit report:

Note: 

  • Reserves represents crypto assets lying on partner exchanges (Binance, Huobi and Bitmex), wallets and relevant blockchains.
  • All the crypto currencies are translated into USDT (Tether) based on prevailing exchange rate fetched from Coin Gabbar (https://www.coingabbar.com) as on December 15, 2022 at 6:00 pm.
  • User liability represents crypto balances of individual users.

View the complete report here: Final Certificate

About SGC Associates 

SGCO & Co. LLP, Chartered Accountants, is a leading multidisciplinary CA firm in India with expertise in subjects ranging from audit, accounts, taxation and regulatory matters. More details can be found on their website

Share this Story

Check Also

CoinDCX Referral Program: Get Your Access Today!

The crypto world is being shaped by people ...

GET ALL LATEST UPDATES ON YOUR EMAIL

    Categories

    Invest in Bitcoin, Ethereum, & other 200+ crypto assets.
    Download the app now, register & start with as low as Rs.100
    ios download link
    android download link
    qr code for download