An exchange matches or intermediates trades and may hold customer assets. Review custody, withdrawals, fees and legal entity information. A proof-of-reserves snapshot alone does not provide a complete audit of liabilities or controls.
Order-book depth determines how much can trade near the displayed price. Thin markets can have large slippage. Spot purchases, margin trades and perpetual derivatives have different obligations and liquidation risks.
Worked example
A displayed bid for a small quantity does not mean a large position can exit at that price. Estimate price impact across the available levels.
Check your understanding
What can a reserve snapshot leave unanswered?
Show explanation
Liabilities, asset encumbrances, operational controls and whether the snapshot represents ongoing solvency.
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