The new partner of the world’s largest crypto exchange once worked for former US President Donald Trump.
Binance has partnered with Mazars to make the accounting firm the auditor of the new Proof-of-Reserve (PoR) system. The auditor is reportedly already reviewing all publicly available information about the Bitcoin (BTC) supply of the crypto exchange.
The Company will review all future system updates and new tokens included in it. According to a representative of Mazars, the check of bitcoin reserves will be completed this week.
Mazars is an international accounting firm headquartered in Paris. Until 2022, the American division of Mazars USA worked with Donald Trump’s companies. However, the Mazars were later dragged into the House Oversight and Reform Committee’s review of some of Trump’s financial records. The firm then cut ties with Trump.
Binance launched the PoR system in response to the events around the default of the FTX cryptocurrency exchange – the trading platform is trying to reassure its partners and users by proving that their assets have sufficient security.
The Proof-of-Reserve system is becoming more and more popular among cryptocurrency exchanges that are trying not to lose users against the backdrop of market turmoil.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
