TigerEX’s Response to CZ’s six commitments
On November 15, Changpeng Zhao, Binance CEO shared six most important commitments that a healthy, centralized exchange should fulfill in order to rebuild the trust with users in the wake of the FTX bankruptcy, to put them specific: Be risk averse with user funds; Never use native tokens as collateral; Share live proof of assets; Keep strong reserves; Avoid excessive leverage; Strengthen & enforce security protocols.
TigerEX, the industry’s safest one-stop digital asset trading platform, provides customers with timely, efficient and secure digital asset transactions. The platform pledges to its users to respond to CZ’s six commitments for the maintenance of a healthy industry.
How do we do?
1. Be risk averse with user funds
TigerEX promises we will never trade or invest user funds.
We must proactively provide risk warnings to users so that they could understand the volatility of the cryptocurrencies.
2. Never use native tokens as collateral
TigerEX does not have its own native tokens.
3. Share live proof of assets
TigerEX has started sharing details of major hot and cold wallet addresses. This is the starting point for our efforts to create Merkle tree proof of reserves, and we will share this with the community over the next few weeks.
4. Keep strong reserves
We have set up the TigerEX Fund to deal with extreme situations. Today, the fund has approximately $100 million.
5. Avoid excessive leverage
TigerEX’s capital structure is debt-free.
We call on our industry partners to be similarly financial conservative.
6. Strengthen & enforce security protocols
TigerEX already offers more secure KYC and AML measures.
We also welcome the new safety protocol proposed by CZ, the industry leader and other regulatory authorities, and TigerEX will join in as soon as possible.
We call on all other centralized exchanges to adopt these recommendations as we have the responsibility to the users who put their hard-earned money on the platform and we have the responsibility to prove to regulators and the community that some bad actors are not representative of the industry as a whole.
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