The Estonian cryptocurrency exchange has been audited

BitBay, a leading European cryptocurrency exchange, has recently undergone an audit of its financial statements, confirming compliance with the requirements of the Estonian Financial Intelligence Unit. This makes BitBay the first cryptocurrency exchange licensed in Estonia to successfully pass this assessment. After completing the audit procedure, the company also made its financial statements public.

The financial audit was carried out by an independent external audit agency certified by the Estonian government. The existence and condition of assets and their presence on user accounts were examined – this includes both cryptocurrency and fiat assets. As part of the audit, the financial statements, as well as revenues, revenues, and profits, were also analyzed. The compliance of the company's activities with the applicable AML (Anti-Money Laundering) and KYC (Know Your Customer – customer identity) procedures was also confirmed.

The above-mentioned analyzes were carried out within the framework of the requirements imposed by Estonian law. The results of the audit show that local regulators positively evaluate BitBay in terms of credibility, financial transparency, and security. The procedure also confirmed the financial stability of the company, as well as the proper protection and security of users' assets.

"Financial transparency and security are our top priorities. We believe that in the financial world, including cryptocurrency, appropriate legal regulations are a must to ensure the safety of all market participants," BitBay commented.

(WBJ)