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:
- 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.