MEXC Global, a cryptocurrency exchange, has released its proof-of-reserve (PoR) snapshot after 45 days of testing. According to the document seen by Cointelegraph, the exchange’s reserve ratios for Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ether (ETH) were 120.70%, 240.18%, 116.50%, and 110.53%, respectively, via the Merkle tree method.
At the time of the snapshot on February 10, MEXC held 232.4 million USDT, 33 million USDC, 1,869 BTC, and 12,472 ETH in custodied user assets. The total assets held within MEXC wallets for the four cryptocurrencies were 280.6 USDT, 79.4 million USDC, 2177.5 BTC, and 13,785.6 ETH.
A spokesperson for MEXC informed Cointelegraph that the exchange plans to provide monthly updates on users’ asset data through the Merkle tree and to establish an “MEXC Investor Protection Fund” to safeguard users’ assets.
The spokesperson also stated that MEXC had obtained money service business licenses in the United States, Canada, Switzerland, and Estonia, highlighting the importance of clear regulatory standards for the entire industry.
Jack Graves, a teaching professor of law at Syracuse University, told Cointelegraph Magazine that PoRs do not reveal other key information such as liabilities and leverage. He added that it’s hard to figure out how much of a crypto exchange’s assets are pledged as collateral unless one has access to their financial services, books, and records.
MEXC Global has released its proof-of-reserve (PoR) snapshot following 45 days of testing. The exchange’s reserve ratios for Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ether (ETH) were 120.70%, 240.18%, 116.50%, and 110.53%, respectively, via the Merkle tree method. Additionally, MEXC plans to provide monthly updates on users’ asset data through the Merkle tree and to establish an “MEXC Investor Protection Fund” to safeguard users’ assets.
