Home Business Accounting firm Mazars will verify proof-of-reserves of KuCoin

Accounting firm Mazars will verify proof-of-reserves of KuCoin

Accounting firm Mazars will verify proof-of-reserves of KuCoin

Cryptocurrency exchange KuCoin has hired international accounting firm Mazars for an external audit of its Proof-of-Reserve (PoR). Recently, the crypto exchange Binance already did the same.

Report available in a few weeks

The verification will need to provide more transparency and reporting to KuCoin’s users on whether their assets are covered. The report is expected to be made available within a few weeks after the audit has been completed. Johnny Lyu, the CEO of KuCoin, indicated that this move is the next step for the exchange to offer more transparency about its user funds. A partner of KuCoin, Wiehann Olivier, said the following:

After recent events, there is a great need in the industry for additional transparency, and we are confident that Mazars’ PoR service offering to KuCoin and other international cryptocurrency exchanges will help build trust through transparency.

Provide consumer protection information

Mazars is doing a similar audit for the popular crypto exchange Binance. All of the exchange’s publicly shared Bitcoin info is already under review by the accounting firm.

Both KuCoin and Binance are 1 of 6 crypto companies requested by US Senator Ron Wyden to provide consumer protection information. They seem to take this request seriously.

This Senator Wyden asked Binance, Bitfinex, Coinbase, Gemini, Kraken, and KuCoin for information on affiliates, consumer asset protections, use of customer data, and protection against market manipulation. This is what the senator did in the aftermath of the FTX fiasco. The senator wants to prevent this at all times in the future. It is not yet known what the next step will be exactly.

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