Audit firm Mazars to verify KuCoin's Proof-of-Reserves
Mazars, the former accounting firm for Donald Trump's companies, was hired recently to audit Binance's PoR. Crypto exchange KuCoin hired the international accounting firm Mazars for a third-party audit of its Proof-of-Reserves (PoR). According to an announcement on Dec. 5, the verification will provide the exchange customers additional transparency and reporting on whether their in-scope assets are collateralized, along with details on main, trade, margin, robot and contract accounts for Bitcoin (BTC) and Ethereum (ETH), as well as for the stablecoins USDT and USDC. The report should be available on KuCoin's official website within a few weeks. CEO of KuCoin Johnny Lyu said the move is the next step in the exchange efforts to provide transparency on users’ funds. Wiehann Olivier, partner at Kucoin, also noted: “After recent events, there is a dire need in the industry for additional transparency, and we are confident that Mazars’ PoR service offering to KuCoin and other ...