- A little over half of the companies included in the survey participated by offering either complete or partial responses.
- Coinbase, Circle, and Ripple have confirmed that they undergo yearly audits conducted by Deloitte.
According to reports, Bloomberg News conducted a survey involving 60 popular cryptocurrency companies. The survey included various types of entities such as exchanges, mining companies, analytics firms, and token issuers. The main purpose of the survey was to evaluate the state of governance and controls within the crypto industry.
Many prominent companies in the crypto industry, including Binance, Coinbase Global Inc., Tether, and OpenSea, handle vast amounts of assets worth billions of dollars on a daily basis. While some of these companies follow traditional standards, a considerable number operate in non-traditional ways, outside established norms and frameworks. The survey aimed to determine the percentage of leading cryptocurrency companies that enlist the services of a third-party auditor and maintain an independent board.
Reliable sources indicate that around 50% of the businesses included in the survey employ an independent auditor to assess their financial affairs. The findings further revealed that 63% of the companies maintain an independent board of directors, which includes at least one non-executive member. It is worth noting that almost all of the 60 surveyed firms have received external investments since their establishment.
According to the survey, out of the 24 firms that shared information about their current auditor, approximately 46% stated that their comprehensive financial audits were performed by one of the well-known Big Four accounting firms. Coinbase, Circle, and Ripple specifically confirmed that they undergo annual audits conducted by Deloitte. Furthermore, most of the surveyed companies had undergone regular external financial checks for at least three years.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.