Binance will get help from the financial firm Mazars to verify its token reserves by making an agreement with the financial firm Mazars.
While the collapse of FTX forced cryptocurrency exchanges to be more transparent with their users, one step in this regard came from Binance.
Mazars to Perform Binance’s Token Reserve Checks
Digital asset exchange Binance took a step towards token reserve control by agreeing with financial company Mazars on this issue, believing that exchanges should be more transparent to its users after its former rival FTX filed the bankruptcy flag.
A Binance spokesperson confirmed the assignment news, which was first reported:
“We will work with Mazars to perform third-party financial verification as part of Proof of Reserves updates.”
In another statement made by e-mail, the spokesperson said:
“Mazars is reviewing all the information we have publicly shared about Proof of Reserves to date and will also verify future updates and tokens. The first verification update for BTC will be completed this week.”
The bankruptcy of Sam Bankman-Fried’s FTX has prompted investors to seek greater transparency from crypto exchanges that are often opaque. Binance announced the major tokens it holds earlier this month, adding that more data will be shared later in a fully audited report.
39278
