CoinSpot, one of the best Australia-based crypto exchanges, has announced that it has become the first crypto exchange in the country to complete an external statutory financial audit.
This represents the business’ primary philosophy, which is to guarantee it offers clients stability and the public with transparency.
The auditing process is complicated. CoinSpot’s financial situation in 2021 was audited in line with Australian Auditing Standards. This extensive and time-consuming audit was done to verify CoinSpot’s exceptional devotion to meeting demanding requirements.
The Australia-based exchange got an Unqualified Opinion from the independent auditor that the business’s financial status for the 2021 financial year was presented honestly and in line with the Australian Accounting Standards. This Australian-first and internationally renowned audit sets CoinSpot unique from most other trading platforms.
“We see the prospect of greater accountability in the crypto-asset space as a good thing,” said Don Henricus, CoinSpot’s Chief Operating Officer.
CoinSpot puts data security and protection first. Source: Coinspot
Centralised crypto platforms have been in the spotlight recently with bad tales, mainly surrounding lending and not keeping their customers’ cash secure. CoinSpot’s emphasis will always stay on best practices and security for customers’ funds. As the number of users on the CoinSpot network rises, there is an increased desire for regulation and transparency, and the exchange aspires to continue to serve client demands safely. As the popularity of trading crypto develops, so does the rising desire for regulation from inside the sector, platform clients, and experts. According to the Financial Planning Association of Australia (FPA), it supports a regulatory framework for crypto assets, so long as it is compatible with their non-crypto currency counterparts.
As with any investment, there are dangers associated with crypto trading. CoinSpot guarantees that its clients face no additional risks. The platform aggressively solves this issue by transparent contact with the CoinSpot community and preserving its position as Australia’s most secure and reputable cryptocurrency trading platform.
Any platform giving returns on BTC is putting its customers’ assets at risk by lending them to other parties, which increases the risk for the end user.
CoinSpot has deliberately chosen not to engage in these methods and instead ensure the appropriate inventory to support buys and sales as displayed on the platform.
This implies that, unlike other crypto platforms, CoinSpot’s capacity to provide consumers access to their cryptocurrency is unaffected by market movements.
Therefore, traders may interact through CoinSpot with complete trust that the presented crypto assets are accessible and held proportionally.
The future of crypto is mainly dependent on organisations that promote responsibility. As with any emerging sector or area, not every participant operates with good intentions or explicit goals. CoinSpot undertook these measures to establish a worldwide standard for crypto exchanges.
CoinSpot encourages other platforms to conduct comparable audits to boost customer trust and market strength.