Topic: Bitstamp's first annual statements - page 4. (Read 5294 times)
I'd like to know how much of that $65 million is frozen due to suspicion of illegal activities. If none, then I'd like to know more about Bitstamp's KYC/AML procedures, or lack thereof.
They need an audit. They're not entitled to the "small company exemption" with assets of US$64 million. Here's the "Companies Act" section to which they refer. They may be able to claim that they were a small company in 2012, and get a year after becoming a large company in 2013 to comply. For 2014, they need a full audit.
Also, an annual statement normally contains both a statement of operations and a balance sheet. They just have a balance sheet, and one with too little information. All their liabilities, including customer deposits, are consolidated into one number.
This is worthless.
Also, an annual statement normally contains both a statement of operations and a balance sheet. They just have a balance sheet, and one with too little information. All their liabilities, including customer deposits, are consolidated into one number.
This is worthless.
Just thought it may be interesting for some to see the first financial statements of Bitstamp Ltd. Not much in them, since they've chosen to file the abbreviated accounts.
They made a profit after tax and salaries of $833,430 * and noted impressive cash balance of $65,667,026 (I reckon it includes customers' deposits).
Here's the Balance Sheet:
EDIT:
* Since no income statement is presented, I assumed that profit equals "profit and loss account" reserve shown in the Balance sheet, but that wouldn't be correct if they paid out any dividends.
They made a profit after tax and salaries of $833,430 * and noted impressive cash balance of $65,667,026 (I reckon it includes customers' deposits).
Here's the Balance Sheet:
EDIT:
* Since no income statement is presented, I assumed that profit equals "profit and loss account" reserve shown in the Balance sheet, but that wouldn't be correct if they paid out any dividends.
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