VirgoCX Successfully Completes Third-Party Audits
VirgoCX has engaged trusted third-party auditors to conduct a financial audit, Proof of Reserve Audit and AML/ATF compliance effectiveness review.
TORONTO, December 22, 2020 (Newswire.com) - VirgoCX, a Canadian fiat-to-crypto trading platform, is pleased to announce that it has completed a financial audit conducted by DW LLP, one of the chartered professional accounting firms in Ontario, Proof of Reserve Audit conducted by Huayan CPA Professional Corporation, along with AML/ATF compliance effectiveness reviews conducted by MNP LLP.
"It was a milestone for VirgoCX to complete its first year Financial and Proof of Reserve Audit. Due to the nature of the industry, this is very challenging for the industry players. With immense efforts put in over the past several months, VirgoCX team along with two independent auditors in Canada were able to get the job done. This will significantly boost the confidence of VirgoCX users and also contribute to sustainable growth of VirgoCX," said Adam Cai, CEO of VirgoCX.
DW LLP expressed that VirgoCX's financial statements are presented fairly, in all material respects, the financial position of the company as of Dec. 31, 2019, and the results of its operations and its cash flows for the year then ended are in accordance with Canadian accounting standards for private enterprises, meaning that all of the financial statement is "free from material misstatement."
Furthermore, VirgoCX engaged Huayan CPA Professional Corporation to conduct a "Proof of Reserves" agreed-upon procedures report. Huayan CPA independently observed that VirgoCX has currencies (crypto: ETH, BTC, USDT, PAX, USDC, EURS, LTC, BCH, EOS and PAXG; fiat: CAD, USD) reserves in excess of customer liabilities. The report provides third-party assurances to VirgoCX clients that their funds were held 1:1 and that the measures taken by VirgoCX met with or exceeded industry standards.
Last but not least, VirgoCX engaged MNP LLP to conduct an independent review of the effectiveness of its AML/ATF compliance program. "We are pleased to announce that VirgoCX has undergone an AML/ATF compliance effectiveness review from MNP LLP recently," said Steven Bie, CCO of VirgoCX. "The findings of the review demonstrate that VirgoCX maintains compliance with regulatory requirements. As part of our commitment to transparency, we have happily shared the results of the review with our banking partners and we believe such initiatives will help VirgoCX maintain stable, secure and effective banking relationships to allow us to continue to provide our customers with smooth and uninterrupted fiat-currency services."
VirgoCX is committed to being a fully regulated, secure and compliant cryptocurrency platform and ensures its commitment through having trusted third parties to conduct routine audits and reviews. VirgoCX strongly believes that a high degree of transparency of company operations is necessary to meet customers' expectations in the rapidly evolving cryptocurrency industry.
VirgoCX is the most trusted cryptocurrency trading platform in Canada, making cryptocurrencies available to Canadians everywhere. VirgoCX is accelerating the adoption for Bitcoin, Ethereum, Litecoin, and other cryptocurrencies.
Categories: Financial News