transparency Archives - Coin Engineer

Backpack Exchange Starts Publishing Daily Proof of Reserves!

Emre Yumlu — Mon, 18 Aug 2025 15:00:18 +0000

Transparency and trust are becoming increasingly important in crypto exchanges. In line with this, Backpack Exchange announced that starting today, it will publish its Proof of Reserves once a day, every day. This move allows investors to have direct insight into the security and liquidity of assets on the platform.

Backpack Proof of Reserves Data Will Be Created by OtterSec

The published Proof of Reserves data will be created and verified by OtterSec. This ensures that users can independently confirm that the assets held by the exchange actually exist and are reported in the stated amounts.

Starting today, Backpack will begin publishing its Proof of Reserves once a day, every day.

Built and verified by @osec_io. pic.twitter.com/8rNqeqHsV8

— Backpack (@Backpack) August 18, 2025

What is Proof of Reserves and Why Does It Matter?

Proof of Reserves is a mechanism used to verify the quantity and ownership of assets held by a crypto exchange. It is typically supported by on-chain verification and zero-knowledge (ZK) proofs.

The main benefits of this system include:

Transparency: Investors can see that the exchange’s assets are accurately recorded.
Trust: Users know that their holdings are secure and can better assess exchange risks.
Liquidity Verification: The exchange proves it has enough reserves to cover all user withdrawals.

By publishing daily Proof of Reserves, Backpack Exchange will not only boost investor confidence but also contribute to raising transparency standards in the industry. Additionally, all listed ZK global verifications and their statuses will allow users to track the data in real-time.

As trust and transparency become increasingly critical in the crypto world, such initiatives are expected to set a new standard across the sector.

Also click to read our article “What is BackPack? Airdrop Hunting in the BackPack Ecosystem!”

What is BackPack? Airdrop Hunting in the BackPack Ecosystem!

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UK to Require Crypto Firms to Report Every Customer Transaction From 2026

Yigit Taha OZTURK — Sun, 18 May 2025 11:00:46 +0000

The days of unregulated crypto activity are rapidly fading. As digital assets move into the financial mainstream, governments are pushing for greater transparency — and the United Kingdom is taking a firm step in that direction.

All Crypto Transactions to Be Reported Starting 2026

Beginning January 1, 2026, UK-based crypto companies will be required to report all customer transactions, including trades and transfers. This is part of a broader initiative by the UK government to enhance crypto tax reporting and align with global standards.

The information to be collected and reported includes:

Full legal name
Home address
Tax identification number
Type of cryptocurrency used and the amount transferred

Additionally, entities like companies, trusts, and charities involved in crypto transactions will also fall under this reporting regime.

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Non-compliance or inaccurate reporting may result in penalties of up to £300 ($398.4) per customer.

Transparency Without Compromising Growth

This move is part of the UK’s adoption of the OECD’s Crypto-Asset Reporting Framework, which aims to balance market innovation with regulatory oversight.

UK Chancellor Rachel Reeves emphasized that the country remains open to business but is closing its doors to fraud, abuse, and instability. In April, she also introduced a draft bill that brings crypto exchanges, custodians, and brokers within the regulatory perimeter to better combat scams and financial misconduct.

UK vs EU: Diverging Paths in Crypto Regulation

While the UK is integrating crypto regulation into its existing financial structure, the European Union has opted for a dedicated framework through MiCA (Markets in Crypto-Assets Regulation). One major difference is that the UK will allow foreign stablecoin issuers to operate without registration, and it won’t impose volume caps — unlike the EU, which may restrict large stablecoin operations to mitigate systemic risks.

A recent survey by the UK’s Financial Conduct Authority showed that 12% of UK adults now own crypto, up from 4% in 2021. With growing adoption, a well-regulated ecosystem is becoming essential.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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Wellgistics Health Launches Payment Revolution with XRP!

Yeliz Akmaca — Fri, 09 May 2025 09:00:31 +0000

Wellgistics Health is making waves in the healthcare industry by integrating XRP into its payment infrastructure. The Tampa-based company is using this blockchain-based digital asset both as a treasury reserve and for real-time payments. Backed by a $50 million equity credit line, this move eliminates banking delays and enhances transparency.

Fast and Transparent Payments with XRP

Wellgistics is reducing transaction times to seconds with its XRP payment infrastructure. Payments that traditionally took days are now completed instantly. This approach lowers costs and provides liquidity to independent pharmacies and suppliers. Chief Financial Officer Mark DiSiena notes that XRP offers more efficient operations compared to competitors.

Blockchain Revolution in Healthcare

Blockchain technology brings trust and speed to the healthcare sector. By adopting XRP for its payment infrastructure, Wellgistics aims to lead the industry. This innovation simplifies transactions by eliminating intermediaries. Additionally, XRP’s low transaction fees boost the company’s profitability. Wellgistics Health CEO Brian Norton says:

“I believe the winners in the future of healthcare will not be the companies with the largest buildings, but those with the fastest infrastructure, the cleanest data, and the most efficient platforms. We are investing in infrastructure, not stagnation.”

Wellgistics’ Strategic XRP Move

Wellgistics Health is using XRP not only as a payment tool but also as a reserve asset. This strategy provides financial flexibility and protection against market volatility. XRP’s fast transaction capacity enables Wellgistics to offer seamless payment flows in its global supply chain. This step accelerates the institutional adoption of cryptocurrencies in the healthcare sector.

Ripple’s Rising Popularity

Ripple is gaining attention in global payment systems with XRP. Wellgistics’ move strengthens XRP’s institutional use. Meanwhile, analysts indicate that XRP is on the rise with ETF approvals and institutional investments. For instance, ProShares’ approval for XRP futures ETFs by the SEC is increasing investor interest. Wellgistics’ adoption of XRP proves that cryptocurrencies are finding a place in mainstream finance. Moreover, the token’s use in the healthcare sector could set an example for other companies. Ultimately, this development could enhance XRP’s value and use cases.

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McGregor Joins Crypto: REAL Memecoin Launched

Yigit Taha OZTURK — Sun, 06 Apr 2025 13:00:11 +0000

World-renowned MMA fighter Conor McGregor launched his memecoin called “REAL” on April 5. The token sale used a sealed-bid auction format, aiming to block bots and sniper buys. This approach ensures a fairer token distribution, a common issue in typical meme coin launches.

DAO Backing and Staking Benefits

REAL was developed in collaboration with the Real World Gaming DAO, introducing governance rights and staking rewards for its holders. In his launch statement, Conor McGregor said:

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“This is not some celebrity-endorsed bullshit token. This is a REAL game changer, done with transparency and integrity.”

Memecoin Craze Not Over Yet

McGregor’s REAL adds new energy to the ongoing memecoin trend. Earlier, Donald Trump’s TRUMP token brought massive attention. Analysts believe the space is still active, with “smart money” traders entering and exiting quickly for short-term gains.

Amidst all the memecoin hype, Bitcoin (BTC) continues to show strength, staying above the $80,000 level. With global markets shaky, BTC is increasingly seen as a store of value, not just a volatile asset.

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South Korean Public Officials Reveal Massive Crypto Asset!

Yigit Taha OZTURK — Thu, 27 Mar 2025 15:00:12 +0000

More than 400 public officials in South Korea have revealed that they hold a total of $9.8 million worth of cryptocurrencies, including Bitcoin, Ether, XRP, and Dogecoin. Over 20% of officials disclosed their crypto holdings.

South Korean Public Officials Crypto Asset Disclosure

According to the South Korean Ethics Commission, high-ranking public officials in the country hold an average of 35.1 million Korean Won ($24,000) in crypto assets. On March 27, 2025, the Ethics Commission revealed that 411 out of 2,047 surveyed officials hold 14.4 billion Korean Won ($9.8 million) in cryptocurrencies.

The highest disclosed amount was 1.76 billion Korean Won ($1.2 million) from Seoul City Councilor Kim Hye-young.

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Among the crypto assets disclosed, officials held Bitcoin (BTC), Ether (ETH), XRP, Dogecoin (DOGE), Luna Classic (LUNC), and others.

Crypto Asset Disclosure Law in South Korea

The disclosure of public officials’ crypto holdings comes after calls for transparency from the country’s prime minister. In 2023, South Korean Prime Minister Han Deok-soo stated in a news conference that high-ranking officials must include crypto in their property disclosures. He argued that crypto should be treated the same as other assets like precious metals.

In 2023, South Korea passed a law mandating public officials to disclose their crypto holdings. Starting in 2024, South Koreans will have access to the crypto holdings of at least 5,800 public officials.

Crypto Disclosure Law Following Controversy

The new law was introduced following the controversy surrounding South Korean lawmaker Kim Nam-kuk, who was accused of liquidating and concealing around $4.5 million in crypto assets before lawmakers enforced the Financial Action Task Force’s (FATF) “Travel Rule.”

Kim later left the Democratic Party amid the controversial case to relieve party members of the burden of the lawsuit.

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Binance Alpha Introduces New Review Mechanism!

Yigit Taha OZTURK — Wed, 12 Mar 2025 12:16:11 +0000

Binance Alpha has implemented a comprehensive review framework to regularly assess the tokens listed on its platform. Considering the fast-paced and volatile nature of the crypto market, this new process aims to ensure that projects remain aligned with market-driven criteria.

What Are the Binance Alpha Token Review Criteria?

All tokens listed on Binance Alpha will be evaluated based on the following criteria:

On-Chain Data: Metrics such as transaction volume stability, liquidity depth, on-chain transaction frequency, and token holder distribution.
Trust Factors: Elements including the credibility of the project team, regulatory compliance, ecosystem alignment, and community popularity.

Tokens that fail to meet these criteria will be removed from Binance Alpha.

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Which Tokens Will Be Delisted?

Following the latest reviews, the following tokens have been found to no longer meet Binance Wallet standards and will be delisted from Binance Alpha:

FAI, METAV, MLG, MONKY, PSTAKE, WHALES, GEL, VISTA, EVAN, MIRA, COCO, TAOCAT, FLOCK, OPUS, FREYA, AIXCB, VERTAI, STRDY, SEKOIA, VADER, ELIZA

Binance continues to promote transparency and innovation. For updates, follow Binance Wallet‘s official X account.

Tokens listed on Binance Alpha may carry higher-than-normal risks and are more susceptible to price fluctuations. Users are advised to implement risk management strategies and conduct thorough research before investing.

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Fetch.ai Launches ASI-1 Mini for Web3

Yigit Taha OZTURK — Tue, 25 Feb 2025 17:00:03 +0000

Fetch.ai has introduced ASI-1 Mini, a new large language model (LLM) designed for Web3. This model offers decentralized artificial intelligence access, allowing the Web3 community to invest in, train, and own AI models. ASI-1 Mini helps reduce AI infrastructure costs, providing new opportunities for businesses and users globally.

ASI-1 Mini: A Scalable LLM for Web3

ASI-1 Mini delivers high performance with just two GPUs, making it a cost-effective solution for small and medium-sized enterprises. Thanks to its Mixture of Experts (MoE) architecture, it adapts flexibly to different business needs. It can be used for data analysis, business automation, and decision optimization, making it suitable for a wide range of industries.

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ASI-1 Mini tackles the “black-box” problem that plagues traditional AI systems. By providing clear explanations on how decisions are made, it enhances transparency, especially in sensitive areas like healthcare and finance, where understanding decision-making is crucial.

ASI-1 Mini offers a freemium model for FET token holders, allowing them to access the AI model for free. FET holders can also actively participate in training and improving AI models, earning rewards in return. This system encourages community involvement and innovation within the Fetch.ai ecosystem.

Integration with AI Agents

ASI-1 Mini integrates with AgentVerse, enabling users to manage autonomous agents. These agents can perform tasks in the real world based on simple text commands. This integration allows users to automate complex processes, further enhancing efficiency and decision-making.

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OKX Publishes 25th Proof of Reserves Report

Yigit Taha OZTURK — Fri, 29 Nov 2024 17:00:24 +0000

OKX has published its 25th Proof of Reserves (PoR) report, revealing USD26.7 billion in primary assets backing customer funds. This solidifies OKX‘s position as one of the few exchanges committed to consistent transparency in the digital asset space. Additionally, last month, they celebrated two consecutive years of publishing PoR reports on a monthly basis.

This month’s report shows significant growth, with a 32% increase in total wallet holdings of BTC, ETH, USDT, and USDC. Strong gains in BTC and ETH were the main contributors, while stablecoins like USDT and USDC showed steady growth. This highlights OKX‘s commitment to maintaining transparency and trust in the digital asset industry.

OKX has maintained reserve ratios of over 100% for 22 of its most frequently traded assets, reinforcing its commitment to safeguarding customer funds.

Current reserve ratios for primary assets are as follows:

BTC: 104%
ETH: 102%
USDT: 104%
USDC: 100%

The PoR program works alongside other security measures, including AI-powered blockchain monitoring tools, multi-billion-dollar insurance funds, and comprehensive encryption systems. These components form part of a broader security infrastructure designed to protect customer assets.

Last month, OKX marked two years of consecutive monthly PoR reports, reinforcing its leadership in transparency within the digital asset space. This showcases OKX as one of the few exchanges fully committed to transparency and security.

So far, over two million customers have used OKX‘s PoR verification tool. The exchange encourages all users to verify their assets through the platform, supporting crypto’s ethos of “don’t trust, verify.”

Insurance Funds are available only in specific markets, adding another layer of security to the services OKX provides.

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Franklin Templeton Steps into the Crypto Sector!

Yigit Taha OZTURK — Thu, 14 Nov 2024 20:30:50 +0000

Franklin Templeton has taken a significant step in the investment world by announcing the integration of its $410 million Money Market Fund into the Ethereum blockchain. This move has garnered significant attention as a strategy to bridge traditional financial systems with digital assets. By leveraging the advantages of blockchain technology, such as transparency, speed, and efficiency, the goal is to offer investors lower transaction costs and faster fund access.

This expansion, conducted through Ethereum’s Layer-2 solution, Base, further deepens the integration of the crypto ecosystem with the traditional financial sector. Franklin Templeton aims to utilize blockchain’s security and speed advantages to manage investors’ funds more effectively. This move has the potential to attract not only the crypto world but also the attention of institutional investors.

This development increasingly blurs the boundaries between crypto and traditional finance. Ethereum blockchain, now suitable not only for digital assets and trading but also for traditional financial instruments like money market funds, presents a new infrastructure. Franklin Templeton’s move could signal the emergence of new paradigms in the digital financial ecosystem.

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With Coinbase’s Base solution, transactions on the Ethereum network become faster, cheaper, and more transparent, allowing investors to escape high transaction fees and delays. This development has the potential to increase demand for safe-haven assets and boost interest in crypto assets. Franklin Templeton’s transition to blockchain could solidify digital finance as a key component not only for the future but also in the present financial landscape.

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Japan Issues Warning to Offshore Crypto Exchange LBank Exchange

admin — Sat, 15 Jun 2024 14:30:12 +0000

Amidst the growing popularity of cryptocurrencies in Japan, the country’s financial watchdog has issued a warning against an offshore crypto exchange.

The Japanese Financial Services Agency (FSA) has taken action against LBank Exchange, an offshore crypto exchange operating without proper registration. According to a report by CoinPost, the FSA noted that LBank Exchange has an “unknown address” and an “unknown representative” and has been conducting cryptocurrency exchange trading with Japanese residents as counterparties. This, according to the statement, violates the FSA’s operational guidelines that require exchanges to be registered and adhere to certain standards to ensure investor protection.

LBank Exchange, a small to medium-sized exchange based on CoinGecko data, ranks 56th in terms of 24-hour spot trading volume. Despite its size, the exchange’s lack of transparency and regulatory compliance has raised concerns among Japanese authorities.

This is not the FSA’s first move against unregistered exchanges. In March of last year, the agency issued warnings to four other companies, Bybit Fintech Limited, MEXC Global, Bitget Limited, and Bitforex Limited, for providing cryptocurrency trading services without registration. Despite these warnings, access and trading on these platforms from Japan remains possible.

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