Our third annual proof of reserves and platform due diligence report has been completed by Blockchain Intelligence Group.
Here are the key findings from this year’s report:
Bitbuy meets and exceeds its own mandate requiring 95% of customer funds to be held in cold wallet storage. The percentages of customer funds held in cold wallet storage for Bitcoin, Litecoin, and Ethereum are above 98%. The slight variance in percentage between the virtual assets is minimal, with an average cold wallet storage of 98.12%.
Bitbuy diligently makes an effort to protect its customers and warn its potential customers and existing clientele of the inherent risks and potential losses that can occur in the crypto space due to market vulnerabilities and volatility. The site’s user agreement includes clauses that provide clarity regarding the potentially high-risk nature of virtual assets. Bitbuy also regularly updates and informs its clients on the ever-changing dangers of virtual asset related scams via social, newsletter, client service calls, emails, and on-site banners
Based on the 90-day activity sample, the Bitbuy Transactional Risk Score is 98.97% (Low Risk). Both incoming and outgoing transfers were analyzed for potential risks associated based on the address Results of the Outgoing Analysis indicate that between approximately 75% – 82% of the outgoing transactions scored in the range of 50+ (low risk), with the range fluctuating through the 90-day period. Results of the Incoming Analysis indicate that approximately 91% of the incoming transactions scored in the range of 50+, with a slight increase noted in February.
No negative or adverse media coverage was found of Bitbuy during an exhaustive search. A search of the U.S. Treasury’s Office of Foreign Assets Control sanctions database examining Bitbuy as well as associated members of senior management yielded no relevant results. An additional search concluded that members of senior staff at Bitbuy are not politically exposed persons.
