KuCoin, a cryptocurrency exchange, hired the global accounting firm Mazars to conduct an independent audit of its proof of reserves.
The verification will give exchange customers more transparency and reporting on whether their in-scope assets are collateralized, along with information on main, trade, margin, robot, and contract accounts for Bitcoin (BTC) and Ether (ETH), as well as for the stablecoins Tether (USDT $1.00) and USD Coin (USDC $1.00).
This information will be provided in accordance with a statement made on December 5..Within a few weeks, the report ought to be accessible on KuCoin’s official website.
KuCoin’s CEO, Johnny Lyu, claimed that the action is the next step in the exchange’s efforts to increase user funds’ transparency. Partner at Kucoin Wiehann Olivier added:
“After recent events, there is a dire need in the industry for additional transparency, and we are confident that Mazars’ PoR service offering to KuCoin and other international cryptocurrency exchanges will aid in building trust through transparency.”
As previously mentioned, Mazars was also chosen to serve as an official auditor for Binance’s PoR on November 30 in order to undertake “third party financial verification.”
The publicly available Bitcoin data from Binance is already being examined. The worldwide accounting firm, which has its headquarters in Paris, has previously worked for Donald Trump’s business. Reports state that the company severed relations with Trump and his family in 2022.
Six cryptocurrency companies, including KuCoin and Binance, have been asked by US Senator Ron Wyden to give information on consumer protection by December 12. asked for information from Binance, Coinbase, Bitfinex, Gemini, Kraken, and KuCoin about their subsidiary companies, the use of user data, the protection of consumer assets, and measures against market manipulation.
The senator claimed that individuals using FTX to store their cryptocurrency funds had “no such protections” as those provided by banks or licensed brokers under the Securities Investor Protection Corporation or Federal Deposit Insurance Corporation.
