Virgo’s Commitment Statement

Dear Virgo users,

The collapse of FTX has led to one of the most severe cryptographic disasters in recent times. This event isn’t just limited to the downfall of one exchange; it has also eroded trust in centralized exchanges, and enthusiasm for crypto and blockchain has declined.

In my personal opinion, it’s regrettable to think about the users who might have been affected by FTX’s collapse. Centralized exchanges have a significant duty of securing their users’ assets. It’s not possible to fulfill this responsibility solely through social media posts or substantial investments in PR. As an entire industry, we’re currently confronting the significant challenge of providing our customers with certainty and security while navigating through uncertainty. Nevertheless, Virgo remains steadfast in our commitment to our users.

Attaining a concise statement about protecting users’ assets necessitates significant effort, which includes but isn’t limited to the following:

1. Consistent reconciliation of both fiat and crypto assets to guarantee there are no mistakes or discrepancies. One-time spot audits aren’t enough.
2. Implementation of multiple levels of protection for crypto asset wallets. For any crypto asset using Virgo’s technology, we deposit an amount equal to 100% of fiat currency in a trusted financial institutions, ensuring that you can sleep soundly without concerns about any potential hacks.
3. Storage of fiat assets (in CAD, USD, AUD et cetera) with dependable banking banking partners.
4. We have obtained SOC 2 Type 1 certification to provide our customers with the highest security standards and comply with security regulations. We are also preparing for SOC 2 Type 2 certification.

It’s essential to emphasize that Virgo has no association with FTX and has never used FTX as a liquidity provider. To become a partner with Virgo, they must pass our most stringent third-party due diligence process, which FTX wasn’t able to satisfy at the time.

More importantly, this isn’t only about assuring our users that we’re safe following the FTX disaster. We’re also determined to protect our users from any future potential consequences resulting from bad actors in the industry.

As a key industry player, I want to take this opportunity to convey a message to all our users. We’ll continually strive to enhance our products and features to make us the preferred choice for the majority of your trading needs, eliminating the need to use any global unregulated exchanges in the future.

To reiterate, Virgo is always focused on meeting customer needs, providing strict protection of user assets, and driving product innovation.

Stay tuned for our exciting new feature and product releases by the end of the year!

As always, you can follow me on Twitter at @adamcai15 or email me at [email protected] with any concerns.

Stay safe and vigilant during these turbulent times.

Virgo is always ready to assist.