Independent Reserve

The exchange was founded in June 2013, with operations commencing in October 2014. Its headquarters are in Sydney, New South Wales, Australia. Co-founders: Adam Tepper, Adrian Przelozny, and Lasanka Perera. Tepper died in 2015, after which Przelozny became CEO. In March 2023, the exchange acquired the Bitcoin.com.au platform for AUD 3 million. In 2018, Mike Tilley (former CEO of Challenger Financial) together with KTM Ventures acquired a 25% stake, marking the first significant external round after initial investments from friends and family (~AUD 500,000). As of early 2026, the exchange had over 500,000 registered users, 129,400 funded accounts, and AUD 1.7 billion in assets under management. The exact number of tradable coins and pairs is not disclosed; the exchange supports a limited set of approximately 37 digital assets. In addition to Australia, the exchange has a registered subsidiary in Singapore (Independent Reserve SG Pte. Ltd.) and serves clients from New Zealand, the United Kingdom, the UAE, and several EU countries. Since 2025, the exchange has been part of the IG Group, maintaining operational independence and its brand. Financial statements are audited by external auditors in accordance with Australian Accounting Standards. Regulation and Licenses In Australia, the operating company Independent Reserve Pty Ltd (ABN 46 164 257 069) is registered with AUSTRAC as a Digital Currency Exchange (registration number DCE-100461150-001). In Singapore, Independent Reserve SG Pte. Ltd. received in-principle approval from the MAS in August 2021, becoming the first crypto exchange with this status, and subsequently obtained a Major Payment Institution license for Digital Payment Token services (license number PS20200517). The MAS register entry was updated on June 12, 2026. The exchange does not hold licenses in the US, UK, Japan, Hong Kong, or Dubai. Throughout its history, no regulatory lawsuits, fines, or legal proceedings from AUSTRAC, MAS, or ASIC have been recorded. In 2021, the exchange submitted recommendations to the Bragg Inquiry (Senate Committee on Technology and Finance), advocating for mandatory licensing of custodial services to combat debanking of crypto companies. KYC/AML are mandatory. Two verification levels are available: FastTrack (limited access without withdrawals) and Standard (requires ID, proof of address, and a selfie with a note). As of June 21, 2026, the exchange implemented Travel Rule requirements for external addresses in line with FATF recommendations. Registration is prohibited for residents of the US, China, and sanctioned countries. Products and Fees The main product is spot trading via a centralized limit order book. In 2026, margin trading was launched with leverage from 2× to 5×, with a margin call at 15% and forced liquidation at 10% (terms updated March 29, 2026 for Australia and June 21, 2026 for New Zealand). An OTC desk is available for orders from ~$50,000 to $50 million with same-day settlement via FAST/PayNow (SGD), SWIFT (USD), and other channels. A Recurring Buy feature is available for dollar-cost averaging (DCA). The exchange does not offer staking, launchpad, NFT marketplace, P2P trading, debit cards, or client lending. The API includes REST and WebSocket; documentation describes Limit/Market order types, time flags (GTC, IOC, FOK, Post-Only), and the allowedSlippagePercent parameter to protect against slippage on market orders. There is no native token - spot trading fees are calculated on a multi-tier maker/taker scale based on 30-day volume; rates are not publicly disclosed. OTC quotes are based on the spread. Volumes and Liquidity Exact 24-hour spot and derivative volume figures, as well as open interest, are not published. As of early 2026, the exchange was among the largest Australian platforms by trading volume and serviced client assets worth AUD 1.7 billion. In trust score rankings, the exchange holds stable positions; the current trust_score is 7 . Daily volume data is replaced with placeholders on each page view. Security and Incidents The majority of client digital assets are stored in a cold wallet with an insured qualified custodian. Hot wallet private keys are multi-layer encrypted and geographically distributed; withdrawals use multi-signature or MPC. The exchange uses the Fireblocks network for secure transfers with institutional counterparties. It holds ISO/IEC 27001 certification (since 2021). Custodial asset insurance was introduced in early 2019 - the first among Australian exchanges. External auditors annually review financial statements, including verification of fiat and crypto asset balances on a 1:1 basis. Throughout its history, no hacks, fund leaks, or theft of client assets have been recorded. The exchange has not frozen withdrawals or faced bank runs. In November 2022, the CEO publicly confirmed zero exposure to FTX, Alameda Research, and the FTT token. Individual incidents: a user reported slippage on an ADA/AUD market order execution on October 11, 2025 (fill ~30% above indicative prices on other platforms). Regular scheduled maintenance is conducted with advance notice (e.g., March 24, 2024; June 30, 2024; December 11, 2024). Related Individuals Adam Tepper (co-founder, first CEO) - born around 1980, died in February 2015 in a motorcycle accident in Phuket, Thailand. Previously founded and was managing director of Asia-Australia Technology. Studied at Swinburne University of Technology (1999-2003). Posthumously, with the assistance of the Bitcoin Association of Australia, completed the publication of materials on Bitcoin. Adrian Przelozny (co-founder, Group CEO) - became CEO after Tepper's death. Has over 20 years of experience in technology and finance, worked as a programmer at Pemara (since 1998) and at ANZ Bank (since 2002). Sits on the board of Blockchain Australia. Lasanka Perera (co-founder, CEO of Independent Reserve Singapore) - responsible for expansion in the Asia-Pacific region. Roman Stefanidi - CTO and Executive Director. Nathan Briggs - COO, joined the exchange in 2023 as an HR consultant, moved to an operational role in August 2024. Works from Singapore, has experience in HR and commercial operations in the Asia-Pacific region. Mike Tilley - former CEO of Challenger Financial and Chairman of Latitude Financial, co-invested with KTM Ventures in 2018, acquiring a 25% stake in the exchange. The legal entity is Independent Reserve Pty Ltd (Australia); the Singapore subsidiary is wholly owned by the Australian parent company. Affiliated platform: Bitcoin.com.au (acquired in March 2023). The exchange is a member of the Digital Economy Council of Australia and provides data to Bloomberg terminals through a partnership. Potential Following the acquisition by IG Group (70% stake, deal closed January 30, 2026), the exchange gains access to the client base and distribution of a major British broker. IG Group plans to launch spot crypto trading based on Independent Reserve's infrastructure in Singapore, Australia, and the UAE in the second half of 2026. The exchange could expand its product line by integrating with IG's tools (CFDs, forex markets), while remaining the technology backend. Additional drivers include entering the institutional SMSF trust market in Australia (a product with audit reporting and tax tools from KPMG) and the listing of the regulated AUDM stablecoin in early 2026. Risks [Identified by Finkonkurs AI Analytics System] Regulatory risks relate to the tightening of Travel Rule requirements and potential changes in Australian digital asset legislation. Although the exchange has not faced lawsuits, it falls under the jurisdiction of two regulators (AUSTRAC and MAS), creating additional reporting burdens. Competitive pressure from global exchanges ( Binance , Coinbase) and local players (BTC Markets, CoinJar) limits market share. Concentration of ownership in the hands of IG Group (70%) could lead to a change in strategy or the departure of key founders. Technical incidents are rare, but the slippage case in October 2025 indicates execution risks during low liquidity on certain pairs. The absence of Merkle-tree Proof-of-Reserves (traditional audit instead of cryptographic) reduces transparency for users requiring verifiable real-time data.