Dutch crypto vault passes prestigious audit and sets new standard
19 December 2023
Amdax vault is the first crypto service provider in the EU to achieve the prestigious ISAE-3000 Type-1 audit, conducted by accountancy firm Grant Thornton and assisted by Big-Four consultancy firm Deloitte.
Amdax, the leading crypto-asset custodian and asset manager, is proud to announce that it is the first crypto-asset service provider in the EU to successfully pass a rigorous ISAE-3000 Type-1 audit. The results of this International Standard on Assurance Engagements (ISAE) audit provide a fundamental basis for ensuring that Amdax holds client funds on a one-to-one basis and that clients can withdraw their assets at any time, both in euros and crypto assets. Amdax commissioned this audit on its own initiative. Amdax was advised in the process by Big-4 consulting firm Deloitte. The audit was conducted by renowned accounting firm Grant Thornton. Achieving the ISAE-3000 audit confirms that Amdax cryptocurrency vault is among the international frontrunners.
First crypto service provider in the EU to achieve ISAE-3000 audit
Crypto-assets are in safe hands at Amdax. Amdax vault is governed by the highest security standards and customer assets are covered one-to-one by reserves in the vault. To demonstrate this, Amdax has voluntarily chosen to have an independent ISAE-3000 audit performed. By fully passing the ISAE-3000 audit, Amdax demonstrates that its processes are organised in such a way that customers know that their crypto-assets and euros are and remain safe in the Amdax vault and can be withdrawn at any time.
By passing the audit, Amdax not only provides customers with a safe haven for their crypto investments, but this also makes Amdax a partner to trust.
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With the advent of MiCAR, regulation is becoming increasingly important. Those regulations direct that crypto service providers act entirely for the benefit of the customer. We are the first crypto service provider in the EU to proving that with an ISAE-3000 Type-1 audit. With this, we demonstrate that we do not only do what is mandatory, but what is necessary."
A new standard for assurance
Amdax chose an ISAE-3000 audit with this scope because we believe it is important to provide independent assurance to customers on the design and effectiveness of Amdax's internal control environment.Grant Thornton's audit team, consisting of chartered accountants and chartered IT auditors, confirmed that all financial and IT processes for purchasing, trading, depositing, recording, and holding crypto assets comply with the reporting standards of the ISAE and are thus competently designed and successfully implemented. An ISAE-3000 audit with a broad scope was chosen to include:
- Custody
- Trading through liquidity providers
- Euro cash withdrawals and deposits
- Crypto assets withdrawals and deposits
- Reconciliation of balances
- Working capital
- General IT Controls (GITC)
- Backup and recovery
- Access rights
- Change and incident management
- Third-party risk management
The results of the audit show that the processes are secure, transparent and efficient. This is part of the foundation for ensuring that, without exception, customers' assets are and remain secure, as well as ensuring that customers can withdraw their assets at any time on a one-to-one basis. Amdax customers can see the full audit report, including all management measures and results.
For Amdax, it doesn't stop here. We have already started preparing for an ISAE-3000 Type 2 audit, which will allow Amdax to demonstrate that the ISAE-3000 standards have been operationally effective for a full year without exceptions.
Grant Thornton and Deloitte involved in audit
Amdax sets itself the goal of ensuring the security of its customers' crypto-assets at all times.
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Over the past year, there has been a lot of unease in the market about the security of customer assets at crypto-asset service providers. We have chosen to be radically transparent and to prove our commitment to security. That is why we have insisted on an independent and reliable audit by international accounting firm Grant Thornton, and have been assisted in its preparation by Deloitte, one of the respected and esteemed Big-Four audit- and advisory firms."
About Amdax
Amdax believes in the unlimited possibilities of digital assets. Our mission is to preserve and grow our customers' assets, in a way that suits a decentralised and digital future. At Amdax, you invest in the future, with products and services you already know, in an extremely secure environment, and with far-reaching attention to your assets.
About Grant Thornton
Grant Thornton Netherlands is a member of Grant Thornton International Ltd (GTIL), one of the world's largest networks (#7) of independent accounting and advisory organisations with 62,000 professionals in more than 135 countries. From eight Dutch offices, 600+ professionals support their clients with advice and assistance on accountancy, tax and (financial) advisory issues. Grant Thornton delivers world-class expertise in a way that fits seamlessly into the unique situation of each client. Grant Thornton works from a solid foundation with a flexible and results-driven mentality.
About Deloitte
Deloitte is one of the largest professional services firms in the world and is at the forefront of digital transformation strategies. With a network of over 244,000 professionals, industry experts and an ecosystem of partnerships, Deloitte helps clients turn business challenges into opportunities for growth and measurable results. Deloitte's industry-leading teams deliver business transformation in the digital age.
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