Amdax‘s vault is reportedly among the first crypto service providers in the EU to achieve the ISAE-3000 Type-1 audit, conducted by accountancy firm Grant Thornton and assisted by Big-Four consultancy firm Deloitte.
Amdax, the crypto-asset custodian and asset manager, is confirming that it is “the first crypto-asset service provider in the EU to successfully pass a rigorous ISAE-3000 Type-1 audit.”
The results of this International Standard on Assurance Engagements (ISAE) audit provide a fundamental basis “for ensuring that Amdax holds client funds on a one-to-one basis and that clients can withdraw their assets at any time, both in euros and crypto assets.”
Amdax commissioned this audit “on its own initiative. Amdax was advised in the process by Big-4 consulting firm Deloitte.” The audit was conducted “by renowned accounting firm Grant Thornton. Achieving the ISAE-3000 audit confirms that Amdax’s cryptocurrency vault is among the international frontrunners.”
Crypto-assets are in “safe hands” at Amdax, the company claims.
Amdax’s vault is “governed by the highest security standards and customer assets are covered one-to-one by reserves in the vault.”
To demonstrate this, Amdax has voluntarily chosen “to have an independent ISAE-3000 audit performed. By fully passing the ISAE-3000 audit, Amdax demonstrates that its processes are organised in such a way that customers know that their crypto-assets and euros are and remain safe in the Amdax vault and can be withdrawn at any time.”
By passing the audit, Amdax not only provides customers “with a safe haven for their crypto investments, but this also makes Amdax a partner to trust.”
As noted in the update:
“With the advent of MiCAR, regulation is becoming increasingly important. Those regulations direct that crypto service providers act entirely for the benefit of the customer. We are the first crypto service provider in the EU to proving that with an ISAE-3000 Type-1 audit. With this, we demonstrate that we do not only do what is mandatory, but what is necessary.”