Amsterdam-based Finst Releases First-of-its-Kind Proof of Reserves Audit
Amsterdam-based cryptocurrency exchange Finst has announced the successful release of its Proof of Reserves (PoR) audit conducted by the independent audit firm AuditNow. This audit aims to address the limitations of traditional PoR and set higher transparency standards in the crypto industry.
- Finst becomes the first and only Dutch cryptocurrency platform to unveil an extensive Proof of Reserves audit
- The audit confirms that Finst holds its clients’ assets on a full reserve basis (1:1) and has implemented effective segregation of assets
- The audit was led by AuditNow’s CEO, Daniël Waknine, a distinguished member of the World Compliance Association
- Traditional Proof of Reserves audits have limitations, such as excluding cash reserves and liabilities
- Finst’s audit verifies key points, including the safeguarding of clients’ assets and strict asset transfer restrictions
Hot Take
Finst’s release of its Proof of Reserves audit sets a new standard for transparency and safety in the crypto industry. As a crypto investor, having access to reliable insights into an exchange’s reserves and overall safety should be the norm. Finst’s comprehensive audit addresses the limitations of traditional audits and provides full transparency on its structure, operations, and overall safety. This initiative should become a standard practice for all crypto platforms to enhance the transparency and safety of the entire industry.
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