The tension that arose in the crypto space due to the fallout from the FTX exchange has brought about a need for crypto exchange platforms to become transparent as to their financial position.

Huobi, a Seychelles-based crypto exchange, has disclosed its assets in a bid to encourage transparency with its clients. The report revealed that Huobi’s total assets are estimated at $3.5 billion with Bitcoin holding an estimated reserve of 37,000, Ethereal 274,000, Tether (USDT) 820,000,000 and Tron (TRX) 9.7 billion.

Huobi also pledged to continue disclosing its assets in the future. According to the platform, this will be a way to show its commitment to prioritizing the interest of its clients and the protection of its assets.

The report also revealed that Huobi conducted an audit known as the Merkle Tree Reserves Test when About Capital took over as majority shareholder in October to comply with due diligence procedures. Huobi added that there are already plans to repeat the audit process with a third party within 30 days of this writing.

Huobi Group Expands Despite Challenges in the Crypto Ecosystem

Huobi announced in October that it is ready to sell the majority of its shares to About Capital, a Hong Kong-based investment firm. About Capital will have no dealings with Huobi’s business operations and management according to the announcement.

The announcement came shortly after speculation that Huobi founder Leon Li was rumored to be looking for a buyer for his nearly 60% stake in Huobi and was demanding at least $1 billion at the time.

Huobi recently announced that it would establish its headquarters in the Caribbean as it plans to position itself globally.

Justin Sun, who was previously rumored to have bought Huobi but was later appointed as a special adviser on Huobi’s board, stated that he met with Dominica’s Prime Minister Roosevelt Skerrit. He believes that the Caribbean is a cryptocurrency-friendly community and that Huobi will also help develop his cryptocurrency framework.

All transparency moves are aimed at avoiding any threat to its global growth.

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