Binance Taking 'Longer Time' To Audit Its Books
After the collapse of FTX, centralized exchanges started publishing their Proof of Reserve re por ts to recover the trust of the community. Prominent accounting firm, Mazars was overseeing the PoR Audit s for major cryptocurrency exchanges including Binance, Crypto.com, and KuCoin. In mid-December, however, the firm abruptly decided to temporarily cut ties with its crypto clients. At that time, a Binance spokesperson affirmed that the exchange intended to provide additional transparency and was looking into the best way to reveal details in the coming months. Before the ties were suspended, Binance did release a report based on a snapshot review by Mazars. However, that did not account for a full financial audit and was eventually taken down. However, Leon Foong, Binance’s Asia-Pacific Head recently told Bloomberg in an interview that the exchange is seeking to release an expanded PoR statement. As far as an exhaustive audit of its books is concerned, it...