According to LBank’s latest announcement: https://support.lbank.com/hc/en-gb/articles/22061348602521

• Amsterdam-based cryptocurrency exchange Finst announces the successful release of its Proof of Reserves (PoR) conducted by a reputable and independent audit firm
• Finst’s extensive Proof of Reserves audit is a first-of-its-kind, aiming to address the limitations of traditional PoR and set higher transparency standards in the crypto industry
• The audit, which will be renewed at least every 6 months, confirmed that Finst holds its clients’ assets on a full reserve basis (1:1) and has implemented an effective segregation of assets.

As a crypto investor, getting access to reliable insights into an exchange’s reserves and overall safety should be the norm. 8 months only after its launch, Finst becomes the first and only Dutch cryptocurrency platform to unveil an extensive Proof of Reserves audit conducted by AuditNow, a reputable and independent Dutch audit firm.

The audit was skillfully led by AuditNow’s CEO, Daniël Waknine, a distinguished member of the World Compliance Association who has previously been collaborating with esteemed institutions such as BNP Paribas and ING holding.

As part of its Proof of Reserves audit, Finst has developed a comprehensive framework which provides full transparency on its structure, operations, assets, liabilities, business activities and overall safety.

Challenging traditional Proof of Reserves limitations

Traditional Proof of Reserves audits merely focus on an exchange’s on chain holdings, with a scope often being limited to certain crypto assets, thus excluding the cash reserves of an exchange and its liabilities. Besides, traditional PoR audits do not verify whether an exchange has an effective segregation of assets in place, which is key in providing maximum safety as it prevents commingling of assets.

Julien Vallet, CEO & co-founder, commented: “Our analysis of various Proof of Reserves (PoR) state

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Author: Crypto Daily

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