- Trending
- Comments
- Latest
Cryptocurrency exchange MEXC will begin publishing monthly proof of reserves audits through Hacken starting in late November, with reports released independently without MEXC’s review or approval.
The partnership marks a shift from one-time audits to recurring third-party verification, with Hacken comparing the exchange’s reserves against user balances across major assets and publishing results directly to users.
According to MEXC, reserve ratios remain above 100% on key assets and users can independently verify balances through its Merkle tree system on the dedicated MEXC proof of reserves audits page.
The Merkle tree structure allows individuals to confirm their balances using cryptographic hashes rather than exposing personal account details a central component of how MEXC proof of reserves audits maintain user privacy while enhancing transparency.
Hacken, known for blockchain security, compliance expertise and AI-enabled tools has supported more than 1,500 Web3 clients since 2017 including MetaMask, Binance, the European Commission and the Ethereum Foundation.
MEXC, founded in 2018, now serves more than 40 million users across over 170 regions. CoinMarketCap ranks the platform ninth globally by daily trading volume at approximately $3.65 billion, making the consistency of MEXC proof of reserves audits increasingly relevant for market participants.
Since the collapse of FTX in November 2022, Proof of Reserves has emerged as a defining trust standard across centralized exchanges.
More than $20 billion exited major platforms in the immediate aftermath, emphasizing user demand for accountability and reinforcing the value of recurring checks like the MEXC proof of reserves audits.
Binance initiated the first major PoR disclosure just days after FTX’s bankruptcy followed shortly by a Merkle tree version that let users verify Bitcoin holdings. OKX, Deribit and Crypto.com later released their own reports though many were criticized for being one time snapshots rather than continuous, independent reviews a gap the monthly MEXC proof of reserves audits are designed to fill.
Kraken underwent a cryptographic audit in 2022 by Armanino LLP verifying that its Bitcoin and Ether reserves matched customer balances. The exchange noted that independent validation provided transparency exceeding what most traditional financial institutions deliver.
Bybit has relied on Hacken for PoR audits since June 2024, with reviews verifying liabilities, confirming wallet ownership, ensuring reserves exceed obligations, and using a Merkle tree so customers can verify balances themselves a methodology similar to the enhanced framework used in the MEXC proof of reserves audits.
As PoR continues to evolve into an industry standard, the new monthly MEXC proof of reserves audits aim to position MEXC as one of the exchanges leading the push for long-term transparency and user trust.
