Advocating for Quarterly Audits in Crypto Exchanges

Implementing quarterly audits in crypto exchanges could significantly boost transparency and foster trust among users. Similar to the traditional banking sector's practice of quarterly audits to assess gains and plan strategies, conducting regular audits in the crypto space could provide valuable insights into an exchange's performance trajectory.

The collapse of FTX serves as a sobering example, illustrating the consequences of continuous spending without proper documentation of an exchange's true value. By conducting audits every quarter, exchanges can mitigate such risks and ensure accountability in financial operations.

The release of Bitget's Q1 report highlighting their growth https://www.bitget.com/blog/articles/bitget-transparency-report-q1-2024 underscores the importance of offering users a comprehensive view of an exchange's progress over time. This transparency empowers users to make informed decisions about their choice of exchange.

In my opinion, quarterly audits would enable users to assess an exchange's performance and make well-founded decisions about its reliability. I'm curious to hear your perspective on this proposition.