Cryptocurrency exchange KuCoin has signed an agreement with international audit firm Mazars to audit proof of reserve (PoR).
The FTX bankruptcy last month marked the beginning of a new era. The collapse of FTX, one of the largest cryptocurrency exchanges in the world, was called a major collapse. While millions of investors were affected by this bankruptcy, many corporate companies started to report bankruptcy. The loss of trust in the crypto industry has sparked exchanges. Binance CEO Changpeng Zhao (CZ) stated that he will now share his exchange’s proof of reserve. This move was also supported by other exchanges. The reserve evidence sharing of crypto exchanges has brought with it a number of criticisms. This evidence was deemed meaningless without a third party’s control. Thereupon, a new move started to come from the stock markets.
Binance and Kucoin Entrust Proof of Reserve to Mazars
Recently, Binance announced that it has agreed with Mazars to audit its proof of reserve (PoR). Soon after, KuCoin also knocked on Mazars’ door to have its proof of reserve audited.
Mazars, the international auditing and accounting firm, will follow up on evidence of reserve as a third controller. According to the statement made by KuCoin, this agreement will guarantee the reliability of user funds.
KuCoin’s CEO, Johnny Lyu, stated that they are a public exchange that cares about the safety and security of user funds. Lyu announced that they have agreed with Mazars to provide third-party PoR auditing. In addition, Lyu also expressed that he is honored to make this agreement.
The Mazars audit will conduct a detailed review of the KuCoin exchange’s BTC main trading, trading, margin robot and contract accounts. This review will reveal the collateralization status of exchange assets.
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