It is due time Bitfinex starts to take action regarding their ongoing issues. A lot of people claim the exchange is insolvent. However, the company states that is not the case. To prove their point, they are now hiring a third party to conduct a financial audit. An intriguing turn of events that should hopefully put rumors to rest.
A Major Audit Of Bitfinex’s Balance Sheet
There have been a lot of questions regarding Bitfinex’s solvency over the past few months. The company redeemed all outstanding BFX tokens in one go. However, this was doing while they knew they could not process USD withdrawals. This development has caused plenty of speculation among cryptocurrency enthusiasts. Moreover, it is slowly turning into a major PR nightmare for the exchange.
It is time something changes, which is why Bitfinex will undergo a complete financial audit. This will be conducted by Friedman LLP. The audit will occur in the coming weeks, with results to be published in June. The company wants to put customers and shareholders at ease by undergoing this audit. Given the number of rumors regarding the company’s potential insolvency, this seems like a smart move.
Friedman LLP seems to be a solid choice as well. The company is experienced in different types of audits, including those related to cryptocurrency. The company is also the auditor for the Bitcoin Investment Trust. It will be quite interesting to see what the audit comes up with in the end. No one expects a negative report by any means, yet it will be good to get some insights regardless.
Regaining Customer Trust Is Challenging
Some people have been wondering why Bitfinex has held off for so long. Since the hack last year, the company did not undergo any audit whatsoever. This raised a lot of questions from the community. Given the current banking issues, it appears a third-party audit is more than warranted. The findings will also paint the future of Bitfinex as an exchange.
To be more precise, this audit is just the first step for the company. Bitfinex will streamline account and other financial procedures moving forward. The company strives to provide fully audited operating results as well by 2018. An ambitious goal that will appease investors and most customers. That is assuming this audit does not reveal anything unsavory. Only time will tell what the result will be.
Header image courtesy of Shutterstock
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
