KuCoin Hires Audit firm Mazars to Validate Proof of Reserves

KuCoin recruited the multinational accounting firm Mazars to conduct an independent audit of their proof of reserves (PoR). Conforming to an announcement made on December 5, the checking will offer crypto exchange clients greater openness and provide information as to whether their in-scope holdings are collateralized, along with information on primary, trade, mark – up, automaton, and contract accounts related to Bitcoin (BTC) and Ether (ETH), and also Tether.

Within a matter of weeks, the paper should be accessible on KuCoin’s official web page. The move, according to KuCoin CEO Johnny Lyu, serves as the next stage in the crypto exchange’s attempts to give clarity about customer money. Wiehann Olivier, an associate at Kucoin, remarked, “After latest happenings, there is an urgent need for increased accountability in the sector, and we are convinced that Mazars’ PoR service proposal to KuCoin and other global cryptocurrency exchanges will assist in establishing trust via openness.”

Mazars was also selected as Binance’s authorized auditor on November 30 to undertake “third-party financial validation.” The Bitcoin data published publicly by Binance is now being evaluated. The worldwide accounting business with its headquarters in Paris has served the company of former US President Donald Trump. The corporation reportedly severed connections with Trump and his household last year.

Senator Ron Wyden of the United States has asked six cryptocurrency exchanges to give data on consumer safeguards by December 12.

Wyden sought addtional details from Binance, Coinbase, Bitfinex, Gemini, Kraken, and KuCoin about affiliate firms, client asset protection, client data usage, and price manipulation measures. The senator noted that cryptocurrency users holding money in FTX had “hardly any safeguards” as banks or licensed brokers granted by the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation.