Finst, a cryptocurrency exchange based in Amsterdam, has announced the successful release of its Proof of Reserves (PoR) audit conducted by an independent and reputable audit firm. This audit is the first of its kind and sets higher transparency standards in the crypto industry. The audit confirmed that Finst holds its clients’ assets on a full reserve basis and has implemented an effective segregation of assets. Finst is the first and only Dutch cryptocurrency platform to unveil an extensive PoR audit. The audit was led by AuditNow’s CEO, Daniël Waknine, and provides full transparency on its structure, operations, assets, liabilities, business activities and overall safety.Traditional PoR audits have limitations, such as not verifying whether an exchange has an effective segregation of assets in place. Finst has developed a comprehensive framework that addresses these limitations and provides more reliable insights into an exchange’s reserves and overall safety. The results of the audit confirmed that Finst holds the entirety of its clients’ assets on a full reserve basis and has an effective segregation of assets in place. Additionally, the audit verified that Finst has policies and procedures in place to correctly safeguard its clients’ assets, a strict restriction of assets transfers to designated senior management employees is enforced, and clients’ assets are held in a bank account and wallets through a bankruptcy-remote vehicle. Finst will renew its comprehensive PoR audit at least every six months.Finst is the fastest-growing cryptocurrency exchange in the Netherlands and offers a best-in-class investment platform together with institutional-grade security standards and 82% lower trading fees. Finst is registered as a crypto service provider with DNB (De Nederlandsche Bank) and aims to become the largest and most trusted cryptocurrency platform in Europe. Finst has extended an open invitation to all crypto platforms to join them in embracing this initiative to enhance the transparency and safety of the entire industry.
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇳🇱 |
| Sentiment | positive |
| Relevance Score | 10 |
| People | Julien Vallet, Daniël Waknine |
| Currencies | None |
| Securities | None |
