- KuCoin appoints global accounting firm Mazars.
- Mazars will enable verification for KuCoin’s proof of reserves and customer liability reports.
- Binance also hired Mazars to conduct proof-of-reserves operations.
On December 5, one of the world’s largest crypto exchanges, KuCoin announced in a press release that it has appointed international accounting firm, Mazars to deliver a third-party report.
Mazars will enable clarity for KuCoin’s existing and potential customers in their reports about in-scope assets and if they are collateralized. Additionally, the international audit, tax, and advisory firm are also tasked with sharing a detailed report of KuCoin’s proof of reserves and customer liability, alongside users’ main, trade, margin, robot, and contract accounts, etc. for BTC, ETH, USDT, and USDC.
KuCoin’s CEO, Johny Lyu added,
As People’s Exchange, we place the safety and security of users’ funds as its top most priority. This move is the next step in our efforts to provide transparency on our users’ funds, highlighting our commitment to transparency and strengthening industry trust.”
Lyu further shared that KuCoin has always committed to ensuring safe and easy-to-use platforms and products for its customers with continued efforts toward user protection, transparency, and risk control.
The CEO then welcomes Mazars while claiming that the “leading audit, tax, and advisory firm” will allow a safe and credible platform for users amid a turbulent period of the industry alongside promoting industry progress.
However, KuCoin is not the only cryptocurrency exchange to onboard Mazars. Leading exchange Binance also appointed the global accounting company to “independently verify its reserves.”
Binance is launching a proof-of-reserves system to ensure security for investor funds, following the FTX collapse that took the crypto market by storm. Mazars is supposed to help the system check if their individual investor holdings are protected by reserves.