Last checked at 18 Nov 2022 07:00
18 November 2022
Mode Global Holdings PLC
("Mode" or the "Company")
Assurance Statement
Mode Global Holdings PLC (LSE: MODE), the LSE-listed Fintech Group, announces the following statement in light of the recent industry events:
The collapse of FTX has sent shock waves through the industry and will undoubtedly have damaged confidence in the short to medium term. It is most unfortunate that the reckless behaviour of certain individual industry participants reflects badly on the crypto industry as a whole.
Mode wants to assure its stakeholders that not only does it operate a very different business model from FTX, its structure and listing is also designed to ensure that it is completely open about its operations and operates with full transparency.
Mode is a UK domiciled and operated company listed on the Official List of the London Stock Exchange and is licensed and registered by the Financial Conduct Authority (FCA). As such, Mode publishes regular, verified financial and operational updates to the high standards required by the UK regulators. Its annual accounts are audited in accordance with IFRS.
Mode's customers funds, both fiat and crypto are retained strictly in accordance with UK law and regulation.
Addressing the recent turmoil in other centralised exchanges, Mode does not trade customer funds nor does it use customer funds for leverage. It has not (and would not) created a "native token" and certainly does not endorse the practice of using them as collateral to acquire leverage.
In view of these underpinning factors, Mode has no exposure to recent events in the industry other than the impact on the price of tokens its offers on its platform.
Rita Liu, CEO of Mode said: "We are shocked by recent events in our industry. Our guiding principle is to establish trust with all those using our services and our wish is to provide access for our customers to the burgeoning crypto space. Mode will continue to hold itself to the highest standards of transparency and customer protection. We are confident that the business principles and model we have adopted can be trusted by all stakeholders."
This announcement contains inside information for the purposes of Article 7 of the UK version of Market Regulation (EU) No 596/2014 on Market Abuse as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
Enquiries
IFC Advisory Ltd (Financial PR) +44 (0) 20 3934 6630
Graham Herring / Zach Cohen
Mode Global Holdings PLC +44 (0)20 3773 0588
Julie Sand
julie.sand@modeapp.com
Notes to Editors
Mode's vision is to be the most trusted crypto company, enabling our customers to discover, own, and utilise digital assets. As an EMI licence holder, and a FCA registered crypto asset business, Mode is leveraging the power of crypto and Open Banking to deliver on this mission and offer customers in the UK a one-stop app to shop, earn and grow their crypto, all in one place. For businesses, Mode provides a cheaper, safer and smarter alternative to card payments that rewards shoppers with crypto. To learn more, visit our customer/business site at www.modeapp.com or our investor site at www.modeplc.com.