CoinEx updates asset reserve ratios to further increase the transparency of the platform and fully ensure the security of users’ assets
3 min readCoinEx, one of the leading crypto exchanges, reiterates its commitment to transparency and security and updated its asset reserve ratios on December 26, 2023. This move is intended to give users more security and peace of mind that their funds are protected with CoinEx.
CoinEx has always placed great importance on the security and protection of user funds and has made this its top priority. By prioritizing investor protection from the outset, CoinEx underscores its commitment to maintaining the highest security standards and building trust in the emerging cryptocurrency economy.
CoinEx: Complete data transparency to build trust among users
CoinEx encrypts users’ balances using the Merkle Tree as data structure and at the same time displays the total balance of all users. Every CoinEx user can check whether their account balance is included in the Merkle Tree to confirm the validity of the data.
According to the latest data released by CoinEx, the reserve ratio for CET is 113.83%, while the reserve ratios for mainstream assets such as USDT , USDC, BTC and ETH are all above 100%.
This means that for every $1 that users deposit, CoinEx sets aside at least another $1 to ensure that the platform has sufficient funds to meet users’ withdrawal requests and protect users’ assets . Currently CoinEx demonstrates a reserve of CET, USDT, USDC, BTC, ETH and DOGE. (https://www.coinex.com/en/reserve-proof)
Since 2023, CoinEx has regularly updated and published its Proof of Reserve data. CoinEx offers its users transparency, credibility and stability. It not only ensures the security of users’ assets, but also allows a clear understanding of what is happening on the platform. CoinEx has maintained a reserve ratio of 100% for the past six years since its inception in 2017, thereby providing a safe and transparent trading environment for its users.
New upgrade of the asset security system for comprehensive protection of user assets
The regular updates of Proof of Reserve data show that CoinEx is constantly striving to protect users’ assets. CoinEx has implemented strong technical protection measures. By combining provable reserves with multi-layered security measures, CoinEx meets the highest standards to protect users’ funds from potential risks. The platform’s comprehensive protective measures offer users security even in times of increased volatility.
CoinEx upgrades its security system regularly and has, among other things, developed an offline storage system, implemented multi-signature and multi-backup functions and created various security emergency plans to comprehensively protect users’ assets.
CoinEx takes a hybrid approach that strikes a balance between the convenience of asset management and security. The team uses a separate storage method for cold and hot wallets, to ensure the security of users’ assets. Dynamic mechanisms such as securing critical information across locations, managing multi-signature permissions, and regularly checking device security have also been well implemented.
Meanwhile, CoinEx has enhanced the security level of the cold wallet system through its own security alerts, automated monitoring and physical isolation mechanisms to provide users with a to provide better protection of your assets.
CoinEx has set up a fund to protect users – the CoinEx Shield Fund – and is working with leading security organizations to jointly create a secure platform to build. By comprehensively improving the platform’s protection features and regularly updating and publishing proof-of-reserve data, CoinEx strives to comprehensively protect users’ assets and provide a safe and reliable trading environment for global crypto investors.
