MEXC, a leading global cryptocurrency exchange, has taken a significant step towards enhancing its transparency by expanding its partnership with blockchain security firm Hacken. According to the conclusions drawn in the analytical report, this collaboration will introduce monthly, independently verified Proof of Reserves audits, aimed at bolstering accountability on the platform.
MEXC Ensures Full Backing of Customer Deposits
The initiative comes as MEXC reports that its reserves for major digital assets are currently above 100%, ensuring that all customer deposits are fully backed on a one-to-one basis. This level of transparency allows users to independently verify their holdings at any time through the exchange's Merkle Tree system, reinforcing trust in the platform.
Hacken to Conduct Audits for Enhanced Transparency
Hacken, known for its expertise in security and compliance, will be responsible for conducting these audits. The audits will provide a public, tamper-proof record of MEXC's financial position over time, further solidifying the exchange's commitment to transparency. The first results from these audits are anticipated to be released by the end of November, marking a new era of accountability in the cryptocurrency space.
In a notable development, Bitcoin Core has successfully completed its first third-party security audit, underscoring its reliability. This achievement contrasts with MEXC's recent initiative to enhance transparency through independent audits. For more details, see the audit report.
