MEXC Global’s published their reports regarding their proof of reserves and it has shown great ratios for USDC, BTC, ETH, and USDT.
On 22nd February, the crypto exchange company known as MEXC Global has released their PoR snaps only after forty-five days of tests. In their recent statement, MEXC claimed that their PoR ratios for USD Coin, Ether, Tether and Bitcoin have increased to 240.18%, 110.53%, 120.70% and 116.50%.
As of today, the snap of 10th February, MEXC held 33mn USDC, 12472 ETH, 232.4mn USDT and 1869 BTC in different user assets. However, their total asset in the MEXC wallets for four different cryptocurrencies were 79.4mn USDC, 13785.6 ETH, 280.6USDT, and 2177.5 BTC.
The spokeperson for the company talked with Cointelegraph a few days earlier. There he discussed his plans to create a fund for the protection of investors of MEXC. Before that announcement, the firm published a lot of addresses belonging to the exchange. While talking about the regulations, the speaker for the business said that it has obtained money services and business licenses in the states.
MEXC Global Released Their PoR:
While other exchanges brought in their proof of reserve method to increase financial health, some experts still disagree with the process. Teaching professor Jack Graves of Syracuse University’s law department said the Cointelegraph magazine that PoRs never reveal some important information like leverage and liabilities. He argued saying that one can audit many assets that any crypto exchange uploads on their on-chain. However you will never know how many of those will be a collateral. The professor says that this information is harder to find out unless one can get access to the financial services, their records and other books.
