REG - Mode Global Holdings - Assurance Statement

R8 Capital InvestmentsAnnouncement

18/11/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221118:nRSR8295Ga&default-theme=true

RNS Number : 8295G  Mode Global Holdings PLC  18 November 2022

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 (http://www.modeapp.com/)  or our
investor site at www.modeplc.com (http://www.modeplc.com/) .

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEAPFXFEEAFFA