Second Proof of Reserves Certificate for Nobitex Published

The second proof of reserves certificate for Nobitex was issued by a panel of official experts from the Tehran Province Judiciary following an independent review of the platform's rial and cryptocurrency assets. The assessment results show that Nobitex's reserves in both segments exceed its obligations to users. This is the second time the status of asset backing for users […]

The ratio of Nobitex cryptocurrency reserves to users' cryptocurrency obligations is 117%

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The second proof of deposit of Nobitex was issued by a panel of official judicial experts of Tehran province after an independent review of the Rial and cryptocurrency assets of this platform. The results of this expertise show that Nobitex's reserves in both sectors were more than its obligations to users. This is the second time that the asset backing status of Nobitex users is reviewed and certified in an independent process.

According to the new certificate, which is the result of the survey conducted on Mehr 19, 1405, the ratio of Nobitex's cryptocurrency reserves to users' cryptocurrency obligations is 117%, and the ratio of Riyal cash balance of bank accounts to users' Riyal obligations is 107%. These figures show that at the time of the investigation, Nobitex had more assets than its commitments to users in both Rial and cryptocurrency sectors. To put it simply, there was sufficient support against the total assets registered in the users' accounts and the amount of checked reserves was more than the corresponding obligations.

The first certificate proving Nobitex's reserves was issued in Bahman 1404 after the examination of a panel of official judicial experts. At that time, the coverage ratio of users' cryptocurrency commitments was 112% and their Rial commitments was 148%. Nobitex has started this process voluntarily since last year and now by conducting the second review, it has continued the same approach in the independent evaluation of reserves.

Repeating this process shows Nobitex's attention to transparency and responsibility towards users' assets. The verification of asset support is not limited to the issuance of a certificate, and by conducting a re-examination, it is possible to access documented information about the status of reserves at different times.

Proof of Reserves is a mechanism to check the asset backing of users in financial platforms. In this process, a platform's available assets are compared with its total liabilities to users to determine whether there is sufficient reserve against the balance recorded in users' accounts.

In the new review of Nobitex, the Riyal cash balance of bank accounts and cryptocurrency assets kept in hot and cold wallets have been the basis of the evaluation of official justice experts. These assets have been compared with Nobitex's corresponding obligations to users in order to determine the coverage ratio of Rial and cryptocurrency reserves at the date of examination.

Simultaneously with the issuance of the second certificate, a dedicated Nobitex deposit proof page has also been launched. On this page, Bahman 1404 and Mehr 1405 certificates are available to users along with explanations about the concept of proof of reserves, expert procedures and how to interpret the declared ratios.

Continuation of the independent review of reserves and providing public access to expert results is part of Nobitex's approach in the field of transparency and accountability for users' assets. An approach in which responsibility towards users' assets is accompanied by providing valid and verifiable information about the support of these assets.