February 5, 2023

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Binance, the well-known crypto exchange, is operating in collaboration with Mazars (a platform that offers accounting services) as included in its proof-of-reserve (PoR) audits.

This measure is being taken after the great collapse of FTX. Mazars is considered to be an accounting company that operated for the firm of Donald Trump (the former President of the United States).

Binance Employs the Accounting Company Mazars for Its PoR Audits

The firm is going to play the role of a formal auditor to organize a 3rd-party validation, as included in the PoR updates of Binance, according to the report of The Wall Street Journal.

The accounting company is in advance reviewing the entirety of the information regarding Bitcoin-related proof of reserves which Binance has openly shared.

The exchange will additionally be verifying the impending tokens and updates in the future, as reported on the behalf of a Binance spokesperson. In the words of the spokesperson, the Bitcoin-related verification update will be accomplished this week. The headquarters of the international accounting platform Mazars is based in Paris.

Mazars USA Terminates Its Associations with Donald Trump

Mazars USA (the United States-based branch of the company) had served Trump for a long time as an accounting firm and it had become controversial also in the case of a House Oversight as well as the request made by the Reform Committee for the financial records of the former president.

As per the reports, the platform ultimately eliminated the connections with him as well as his family this year.

The respective news is surfacing at a time when the crypto exchange is transferring huge crypto amounts as included in the PoR audits thereof. On the 28th of November, the crypto exchange sent up to 127,351 Bitcoin (almost $2B), to an anonymous wallet.

Subsequently, Changpeng Zhao (the CEO of Binance) declared that the respective transfer was included in its continuous procedure of proof of reserves.

This move has been responsible for stimulating some apprehensions throughout the community as Zhao formerly debated that it is not good news when the crypto exchanges require shifting huge crypto amounts for proving the wallet address.

Previously, the reports pointed out that the crypto exchange initiated a procedure for proof of reserves while responding to the bankruptcy and collapse of the crypto exchange FTX.

On the 25th of November, the company additionally published Merkle Tree-supported proof-of-funds (PoF) covering Bitcoin. The respective move was considered among several others that were taken on the behalf of Binance as proof of its transparency.

The crypto exchange is not the only one to carry out such big endeavors for the maintenance of the trust of the consumers in it following the FTX saga.

A lot of other exchange companies, taking into account KuCoin and OKX, are additionally making rapid attempts to issue their reports of the proof of reserves. Simultaneous to this, a few industry observers are of the view that the present PoR procedure adopted on the behalf of the exchange firms is useless to a great extent.

In the words of such observers, there is a requirement for the provision of liabilities as it is extremely difficult to fake them. Recently, in this respect, Jesse Powell – the chief executive officer at Kraken – specified that proof of reserves is of no use in the absence of liabilities.


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