Following the collapse of significant cryptocurrency exchange FTX, the famous cryptocurrency trading service Bitso (which currently operates in Mexico) made an announcement about its future work to improve the system’s clarity for both investors and regulators.

It also described its plan of actions to assuage a community of crypto users and concerned institutional investors and lawmakers.

The reports from Bitso

In a recent article, published in November this year, Bitso is listed among those crypto traders that still tries its best to regain the trust of its users and crypto investors and get back the revenues and client involvement it lost after several disastrous crypto collapses.

The level of mistrust in society still continued to rise. In order to restore the clients’ believes in crypto, the corporation decided to issue its full economic report with the aid of an outer accounting examination by a company hat has not yet been selected, according to the chief regulatory officer of the cryptocurrency platform, Felipe Vallejo, who spoke with the news reporters on the future of the trader. 

In addition, he also stated that the new PoF protocols that have been implemented into the system were reported by several corporations as not informative enough to make the company trustworthy.

The main problem is that they simply display the possessions of the company and don’t account for the amount of cryptocurrency or other financial assets owed to the clients. 

Famous traders aldo demand better transparency systems

The most famous and used cryptocurrency trading platform in the world, Binance, and its main rival, Coinbase, both made announcements in a similar tone and on the same matter as Bitso’s, but some time earlier.

A November article stated that, as part of the 25th of March report from Binance, it made available its Proof-of-Reserve protocol as a Merkle tree, which is a cryptocurrency statistics and audit instrument that allows the integration of huge numbers of info into an individual graph.

In addition to that, Brian Armstrong, the Chief executive officer of Coinbase, released a letter to investors in a Nov. 22 tweet.

The publicly available data indicates that Coinbase currently has about two million BTC tokens. But still, such info is not informative enough for the users and need further clarification.