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Mexican unicorn Bitso sets out transparency roadmap amid FTX crash

Skylar Shaw

Nov 28, 2022 14:14

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Unicorn exchange for cryptocurrencies in Mexico Following the well-publicized collapse of the cryptocurrency exchange FTX, Bitso created a transparency roadmap in response to growing user pressure, a top Bitso executive told Reuters on Thursday.


FTX filed for protection in the US earlier this month following a spectacular crypto meltdown in which traders withdrew $6 billion from the platform in just three days and rival exchange Binance abandoned a rescue plan.


According to Bitso's Chief Regulatory Officer Felipe Vallejo, the company, which has operations in Mexico, Brazil, Colombia, and Argentina, will release a solvency report in less than a month and is choosing an outside partner to conduct an audit.


Bitso recently joined a group of international businesses in the cryptocurrency industry that are attempting to produce an easily digestible report so users can determine for themselves whether businesses have the resources to support their transactions.


Since they only display assets and do not account for the amount of cryptocurrency or money owed to users, some companies' published proofs of funds are insufficient, he claimed.


According to Jean-Paul Servais, the head of international securities watchdog IOSCO, the FTX crisis has made it urgent to regulate cryptocurrency.


Regulators are working harder in the entire region. Brazilian lawmakers are accelerating the regulation of cryptocurrencies, and it is anticipated that Congress will make progress in the United States' expansive cryptocurrencies sector next year.


According to Vallejo, there are indications of activity in Argentina as well.


He continued, "Well-designed regulation can even be advantageous as it will eliminate bad actors from the ecosystem.


As Bitso implements the new transparency techniques, its growth may suffer in the short term, but Vallejo suggested that non-crypto services, like remittances to Mexico, could help mitigate the loss.


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