The audit was conducted by Blockchain Intelligence Group for both Bitbuy and Coinberry, which are registered crypto asset trading platforms with the Ontario Securities Commission.

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What Did The Audit Find?

According to WonderFi, Bitbuy and Coinberry meet and exceed their own mandates of requiring 95% and 80% of all customer assets to be in cold storage, respectively.

Also, all Bitbuy customer balances are accounted for, with 97.16% of all customer funds in a third-party insured custodian account with BitGo Trust Company, Inc. Bitbuy's operational hot wallet balances account for the remainder of 2.84% of customer balances.

All Coinberry customer balances are accounted for, with 96.28% of all customer funds in a third-party insured custodian account with Gemini Trust Company, LLC. Coinberry's operational hot wallet balances account for 3.72% of customer balances.

Both Coinberry and Bitbuy were scored as "low-risk" platforms during an operational assessment that reviewed business activities, company registration, KYC/AML policies, and a number of other criteria.

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