Cryptocurrency exchange KuCoin has hired international accounting firm Mazars for a third party audit of its Proof of Reserves (PoR).

According to the Dec. 5 announcement, the verification will provide clients of the exchange with additional transparency and reporting on whether their assets in the range are collateralized, along with details of main, trading, margin, robot, and contract accounts for Bitcoin (BTC) and Ether (ETH), as well as for stablecoins Tether.

pointers down

and US dollar currency

pointers down


The report should be available on the official KuCoin website in a few weeks. KuCoin CEO Johnny Liu said the move is the next step in the exchange’s efforts to provide transparency about users’ funds. Wiehann Olivier, partner at Kucoin, also noted:

“Following the recent events, there is a strong need in the industry for more transparency, and we are confident that introducing Mazars’ PoR service to KuCoin and other international cryptocurrency exchanges will help build trust through transparency.”
As reported by Cointelegraph, Mazars was also appointed as an official validator to conduct a “third party financial verification” of Binance’s PoR on November 30. Bitcoin information shared publicly from Binance is already being reviewed.

Related: Will Grayscale Be the Next FTX?

The international accounting firm is headquartered in Paris and previously worked for the firm of former US President Donald Trump. According to reports, the company will cut ties with Trump and his family in 2022.

KuCoin and Binance are among six crypto companies requested to provide consumer protection information by US Senator Ron Wyden by December 12.

Wyden requested information from Binance, Coinbase, Bitfinex, Gemini, Kraken, and KuCoin on subsidiaries, collateral of consumer assets, use of customer data, and protections from market manipulation. The senator argued that cryptocurrency users with funds in FTX “have no such protection” as those offered by banks or brokers registered under the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.

Source: CoinTelegraph