Audit firm Mazars to verify KuCoin's Proof-of-Reserves

Crypto speech KuCoin hired the planetary accounting steadfast Mazars for a third-party audit of its Proof-of-Reserves (PoR). 

According to an announcement connected Dec. 5, the verification volition supply the speech customers further transparency and reporting connected whether their in-scope assets are collateralized, on with details connected main, trade, margin, robot and declaration accounts for Bitcoin (BTC) and Ethereum (ETH), arsenic good arsenic for the stablecoins USDT and USDC.

The study should beryllium disposable connected KuCoin's authoritative website wrong a fewer weeks. CEO of KuCoin Johnny Lyu said the determination is the adjacent measurement successful the speech efforts to supply transparency connected users’ funds. Wiehann Olivier, spouse astatine Kucoin, besides noted:

“After caller events, determination is simply a dire request successful the manufacture for further transparency, and we are assured that Mazars’ PoR work offering to KuCoin and different planetary cryptocurrency exchanges volition assistance successful gathering spot done transparency.”

As reported by Cointelegraph, Mazars was besides appointed arsenic an authoritative auditor to behaviour “third enactment fiscal verification” successful Binance's PoR connected Nov. 30. Binance's publically shared Bitcoin accusation is already being reviewed. 

Related: Will Grayscale beryllium the adjacent FTX?

Headquartered successful Paris, the planetary accounting steadfast antecedently worked for erstwhile United States President Donald Trump’s company. According to reports, the steadfast chopped ties with Trump and his household successful 2022.

KuCoin and Binance are among the six crypto firms requested to supply accusation connected user extortion by the United States Senator Ron Wyden by Dec. 12.

Wyden requested Binance, Coinbase, Bitfinex, Gemini, Kraken and KuCoin accusation connected subsidiary companies, safeguards of user assets, usage of lawsuit data, and guards against marketplace manipulation. The legislator argued that crypto users with funds successful FTX had “no specified protections” arsenic those offered by banks oregon registered brokers nether the Federal Deposit Insurance Corporation oregon Securities Investor Protection Corporation.