- Experts surveyed 60 major brands
- And only 31 companies passed an independent assessment
It seems that the FTX story has not taught crypto companies to comply with the standards of transparency and risk management. This is evidenced by the results of a recent research Bloomberg.
So, only 31 of the top 60 crypto brands passed an external financial audit or reserve confirmation. This survey was attended by representatives of various fields: crypto exchanges (Binance and Coinbase), miners, token issuers (Tether) and blockchain security analysts (Chainalysis). They were selected according to a number of criteria – they had to be companies with registration, a capital of at least $ 1 billion and significant authority in the industry.
Interestingly, 60 companies were offered participation, but 17 of them immediately refused, and 8 did not respond to the request.
During the survey, Bloomberg was interested in why crypto companies refuse external checks. This is mainly due to the reluctance of large auditors to cooperate with them. Many accounting firms are simply not experienced in blockchain technology. Also, some auditors do not want to be associated with recent scandals in the field of cryptocurrencies.
Another problem for companies is the lack of independent management. Usually big brands hire CEOs who can make decisions impartially. But in the crypto industry, only 38 firms out of 60 use this practice.
- Experts surveyed 60 major brands
- And only 31 companies passed an independent assessment
It seems that the FTX story has not taught crypto companies to comply with the standards of transparency and risk management. This is evidenced by the results of a recent research Bloomberg.
So, only 31 of the top 60 crypto brands passed an external financial audit or reserve confirmation. This survey was attended by representatives of various fields: crypto exchanges (Binance and Coinbase), miners, token issuers (Tether) and blockchain security analysts (Chainalysis). They were selected according to a number of criteria – they had to be companies with registration, a capital of at least $ 1 billion and significant authority in the industry.
Interestingly, 60 companies were offered participation, but 17 of them immediately refused, and 8 did not respond to the request.
During the survey, Bloomberg was interested in why crypto companies refuse external checks. This is mainly due to the reluctance of large auditors to cooperate with them. Many accounting firms are simply not experienced in blockchain technology. Also, some auditors do not want to be associated with recent scandals in the field of cryptocurrencies.
Another problem for companies is the lack of independent management. Usually big brands hire CEOs who can make decisions impartially. But in the crypto industry, only 38 firms out of 60 use this practice.
