Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ETHEREUM NEWS»Bybit expands Proof of Reserves to include 32 digital assets
ETHEREUM NEWS

Bybit expands Proof of Reserves to include 32 digital assets

By Crypto FlexsDecember 20, 20233 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bybit expands Proof of Reserves to include 32 digital assets
Share
Facebook Twitter LinkedIn Pinterest Email

Dubai-based Bybit, the world’s third-largest cryptocurrency exchange by trading volume, announced on December 1 that it has recently set a new standard in the cryptocurrency market through Proof of Reserve (PoR) certification. PoR has been expanded to 32 cryptocurrencies. 20 Press release.

The report aims to demonstrate to customers that Bybit has fully backed up all assets within a sophisticated multi-layer wallet system. According to the report, the collateral range of the tokens is 100-124%.

proof of reserves

Bybit’s proof of reserves shows that the company holds between 100% and 124% collateral for the 32 tokens in the report. The exchange’s BTC collateral was 107% and ETH collateral was 119%.

The exchange’s commitment to asset security and transparency is highlighted by its industry-leading ratings, including a perfect score from CoinGecko and an ‘AA’ rating in the 2023 CCData Crypto Exchange Benchmark Report.

Bybit’s innovative wallet system, including cold, warm, and hot wallets, along with partnerships with leading custodians such as Fireblocks and Copper, enhance the security and accessibility of user funds.

In the broader cryptocurrency exchange industry, PoR has become part of the trust factor. Major exchanges such as Binance, Coinbase, and Kraken have adopted the PoR approach, each using their own unique methodology. These practices achieve the common goal of keeping customer assets safe and fully supported.

Regulatory issues related to PoR

Although PoR reports are seen as a step towards transparency, regulators have warned that cryptocurrency companies are relying too much on them.

The Public Company Accounting Oversight Board (PCAOB), which operates under the jurisdiction of the U.S. SEC, specifically warned investors not to place too much trust in these reports. The PCAOB emphasized that the PoR report is not an audit and does not comply with any specific legal standards.

Regulators have noted that these reports provide only a snapshot and do not provide meaningful assurances about the liabilities of cryptocurrency companies, the rights and obligations of digital asset holders, internal controls or the effectiveness of corporate governance.

The SEC also expressed concern and advised investors to be cautious of PoR statements. Paul Munter, the SEC’s chief accountant, noted that these reports are designed to show that cryptocurrency companies have enough assets to cover customers’ funds.

But he cautioned that simply because an audit firm provides a PoR should not give investors too much confidence in its ability to service its debt. These concerns arise because PoR reports lack the comprehensive information investors need to holistically assess a company’s financial health.

There has been increased caution from regulators after the failures of high-profile cryptocurrency companies such as FTX led several audit firms to reconsider providing this form of assurance. Some global platforms, such as Binance, have also adopted PoR, but regulators suggest that PoR alone is not enough and that companies must undergo more thorough and appropriate audits.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump’s pressure on the Fed pushes 15B to ETF, ‘under positioning’ Bitcoin Bull ‘

July 10, 2025

Ethereum MVRV has 1.20–1.25 and suggests that Market Peak is not visible.

July 6, 2025

Ethereum Dev Zack Cole starts an initiative for the ‘Tokenless’ project.

July 2, 2025
Add A Comment

Comments are closed.

Recent Posts

Floki Eyes 120% Rally Valhalla launches $ 10K prizes after explosive weekly growth

July 13, 2025

Crypto Digital Marketing Agency to Elevate Your Project

July 13, 2025

Encryption responded to US-Vietnamese trade transactions. BTC wiped $ 110K

July 13, 2025

Rich Miner plan aims to audit a stable encryption.

July 12, 2025

Tethers in September, completing USDT support for Omni, Bitcoin Cash SLP, KUSAMA, EOS and Algorand

July 12, 2025

21.72% of encryption in the second quarter of 2025

July 11, 2025

Arthur Hayes will continue to predict the super -large Altcoin season.

July 11, 2025

Watt protocol audit summary -ACKEE blockchain

July 11, 2025

MultiBank Group Confirms $MBG Token TGE Set For July 22, 2025

July 11, 2025

BTC, LTC, XRP and other crypto hobby holders can earn $5282 per day – SWL Miner

July 11, 2025

What It Means For Crypto Investors

July 11, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Floki Eyes 120% Rally Valhalla launches $ 10K prizes after explosive weekly growth

July 13, 2025

Crypto Digital Marketing Agency to Elevate Your Project

July 13, 2025

Encryption responded to US-Vietnamese trade transactions. BTC wiped $ 110K

July 13, 2025
Most Popular

Ethereum DApp Transaction Volume Surges 83%, But There May Be a Pitfall

July 2, 2024

Celsius unwinds $466 million worth of Ethereum holdings, ‘ensuring ample liquidity’ for creditors

January 5, 2024

After Ali Martinez warned about Ethereum and Bitcoin, traders are turning to these new projects.

April 9, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.