Reading Time: 4 min Do cryptocurrency exchanges hold your crypto? The truth about where and how exchanges store client funds has been a topic of concern in the crypto industry. The FTX collapse brought these concerns into the mainstream, prompting exchanges to adopt Proof of Reserves and 1:1 asset allocation. However, the truth is that not much has changed from a security standpoint, and the industry still lacks transparency on exchange asset storage. In Australia, Blockchain Australia Digital Currency Exchange Members’ Affirmation outlined the standards for exchange asset storage, but the question of third-party custodians remains. Without full disclosure, the industry may face another FTX or Celsius.