In order to aid with its Proof of Reserves (PoR) endeavor, the major cryptocurrency exchange Binance has hired the accounting firm Mazars. Mazars formerly worked for the business of the former President of the United States, Donald Trump.
According to a story in The Wall Street Journal, which cited a spokeswoman for the exchange, Binance made the decision to utilize Mazars as an impartial third party to evaluate its reserve holdings in order to assist reassure investors that their currencies are protected by reserves.
According to the source, Binance did not clarify which of Mazar’s offices would be in charge of completing the reserves verification, and a spokesman for Mazars refused to comment on the matter.
A spokesman for Binance was quoted as saying the following by Bloomberg:
“Mazars is examining all of the material that we have given publicly to this point on Proof of Reserves (BTC), and we will also be confirming any updates or tokens that are released in the future. […] This week will see the completion of the first modification to the Bitcoin verification system.
This is another step in Binance’s effort to calm worried investors and convince them that their money is secure with the exchange. It follows the release of its PoR on November 11, and it is part of Binance’s ongoing effort to reassure investors that their money is safe with the exchange. The purpose of the PoR is to provide each investor the ability to evaluate whether or not their assets are, in fact, protected by reserves.
Proof of Reserves is an independent audit that is carried out by a third party in order to guarantee that a custodian retains the assets that it claims to be holding on behalf of its customers. This information was previously disclosed. As a result of the FTX collapse and the anxiety that it has caused, a number of organizations have made the decision to implement Proof of Reserves, but it is important to note that several companies had already implemented PoR before to the major implosion.
On this page, you’ll find additional information about Proof of Reference, as well as the firms that are already using it.
Mazars is a multinational company that provides auditing, tax, and consultancy services. Mazars USA, the company’s operation in the United States, served for a long period as Trump’s accounting firm. However, in February of this year, it announced that it would cut ties with Trump and his family business. The company stated that it could no longer stand behind a decade’s worth of annual financial statements that it prepared for the Trump Organization. This information was reported by The New York Times, which cited court documents.
Compiled by Coinbold
