Audit firm Mazars to ensure KuCoin’s evidence of reserves

Crypto exchange KuCoin hired the worldwide accounting firm Mazars for any third-party audit of their evidence of reserves (PoR). 

Based on a comment on 12 ,. 5, the verification will give you the exchange customers additional transparency and reporting on whether their in-scope assets are collateralized, together with information on primary, trade, margin, robot and contract makes up about Bitcoin (BTC) and Ether (ETH), and for the stablecoins Tether (USDT) and USD Gold coin (USDC).

The report ought to be on KuCoin’s official website inside a couple of days. Chief executive officer of KuCoin Johnny Lyu stated the move happens within the exchange efforts to supply transparency on users’ funds. Wiehann Olivier, partner at Kucoin, also noted:

“After recent occasions, there’s a dire need in the market for further transparency, and we’re certain that Mazars’ PoR service offering to KuCoin along with other worldwide cryptocurrency exchanges will help with developing trust through transparency.”

Reported by Cointelegraph, Mazars seemed to be hired being an official auditor to conduct “third party financial verification” in Binance’s PoR on November. 30. Binance’s openly shared Bitcoin details are already being reviewed. 

Related: Will Grayscale function as the next FTX?

Headquartered in Paris, the worldwide accounting firm formerly labored for former U . s . States President Jesse Trump’s company. Based on reports, the firm cut ties with Trump and the family in 2022.

KuCoin and Binance are some of the six crypto firms requested to showcase consumer protection through the U . s . States Senator Ron Wyden by 12 ,. 12.

Wyden requested Binance, Coinbase, Bitfinex, Gemini, Kraken and KuCoin info on subsidiary companies, safeguards of consumer assets, utilization of customer data, and pads against market manipulation. The senator contended that crypto users with funds in FTX had “no such protections” as individuals provided by banks or registered brokers underneath the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation.

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