The proof of reserves summary shared by Indian crypto exchange CoinSwitch on Thursday stated that as of Nov. 4, the exchange’s overall holdings of crypto and fiat balances in Indian Rupees (INR) exceeded those held by the exchange on behalf of its users. CoinSwitch hired consulting firm INMACS, which began the research in July 2022, according to a statement from CoinSwitch. INMACS received snapshots of detailed listings of crypto custody services, bank accounts, payment gateways used by CoinSwitch, and counterparty relationships with crypto exchanges from CoinSwitch. CoinSwitch, which claims to have over 18 million registered users, claims that the exchange has never used customers’ crypto and INR balances for lending or borrowing.
