- Binance collaborates with Mazars accounting firm as part of its PoR audits
- The firm will conduct a comprehensive evaluation of all of Binance’s publicly BTC PoR
- Mazars to validate any future updates as well as tokens in the future
Binance is collaborating with the accounting firm Mazars as part of its proof-of-reserve (PoR) audits driven by FTX’s decline.
The auditing firm Mazars, which worked for former U.S. President Donald Trump’s company, has been hired as an official auditor to conduct a third-party financial verification as part of Binance’s PoR upgrades, according to a November 30 Wall Street Journal article.
The accounting firm will conduct a comprehensive evaluation of all of Binance’s publicly available Bitcoin PoR information as well as validate any future updates as well as tokens in the future.
This news comes as Binance conducts POR audits while moving significant quantities of bitcoin. CZ Zhao, CEO of Binance, said that the transaction was part of the ongoing proof-of-reserve procedure on November 28 by sending 127,351 BTC, or approximately $2 billion, to an unidentified wallet.
Mazars is a global accounting business with its headquarters in Paris. Since 2019, its United States division, Mazars USA, had been embroiled in a dispute over a House Oversight and Reform Committee request for some of Trump’s financial records. Mazars USA was Trump’s longtime accounting firm. In 2022, the company apparently severed relations with Trump and his family.
In other news, Cryptocurrency exchange operator Binance announced on Wednesday that it has acquired Sakura Exchange BitCoin (SEBC). This is a cryptocurrency trading service that is registered in Japan in order to grow in the Asian nation.
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