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BitMEX Became First Exchange to Launch Its Proof-of-Liabilities

  • BitMEX, a leading P2P exchange has recently released its complete proof-of-liabilities reports with its users. 

  • Verifying your holdings in the BitMEX account liabilities would not require any third-party auditors and the users would only require the ‘nonces’ that would be provided by the exchange once the user login into its account

  • Recently BitMEX was also able to grab the legal license to operate in Italy and for providing crypto spot trading services to its citizens



03 Dec 2022 By : COIN GABBAR
BitMEX Became First

After the massive fallout of FTX Global, centralized exchanges from all over the world have started to share proof-of-reserves with their customers. 

These attempts are aimed at regaining the market trust in centralized players of the blockchain world. However, proof-of-reserves are of no value without a transparent, third-party proof-of-liabilities report. Users of the exchange should not only know its present liquidity but also the sum that it owes to its creditors. For this very reason, BitMEX, a leading P2P exchange has recently released its complete proof-of-liabilities reports with its users. 

According to a blog released by the BitMEX exchange, all the stakeholders can check their account’s liabilities the exchange liability balance released on the first day of December. Verifying your holdings in the BitMEX account liabilities would not require any third-party auditors and the users would only require the ‘nonces’ that would be provided by the exchange once the user login into its account.

BitMEX also clarified in their tweet that their step is not a panic response to the recent FTX crash but a genuine attempt to enable users to verify that their holdings are present in the exchange reserves. All of this is now possible on BitMEX without sharing any user information and maintaining high-security standards. 

With time, BitMEX is expanding its user base to different regions of the world. Recently BitMEX was also able to grab the legal license to operate in Italy and for providing crypto spot trading services to its citizens. However, the exchange would have to comply with the rules and regulations of the country to continue its operations. The legal status of a P2P exchange for spot trading is a welcome step for the crypto industry indicating the fact that the industry can prosper with an efficient regulatory framework. 

The released proof-of-liabilities report from BitMEX will surely give more trust to its users and push the other industry players to release their liabilities reports as well. 

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