Crypto exchange KuCoin, following Binance, announced that it had agreed with auditors from Mazars to check its cryptocurrency reserves.
The KuCoin team announced that the verification will provide users of the crypto exchange with additional transparency and accountability. The company representatives said that the audit will provide comprehensive information about the main, trading, margin and contract accounts for bitcoin (BTC) and ether (ETH), as well as the stablecoins Tether (USDT) and USD Coin (USDC).
“Recent events in the crypto industry have highlighted the urgent need for more transparency. We are convinced that Mazars will help build the trust of our customers. These auditors are now working with other international cryptocurrency exchanges,” said Johnny Lyu, CEO of KuCoin.
The default of the FTX crypto exchange has shaken up the industry – many cryptocurrency companies are faced with the need to reassure users by proving that their assets have sufficient collateral. Last week, the BingX exchange published a Proof-of-Reserve report from Mazars.
Also earlier, the Binance crypto exchange hired Mazars to check the reserves in bitcoins. It was reported that the check was to be completed at the end of last week.
Source: Bits
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