Binance Hires An Audit Firm To Verify Crypto Reserves

Binance Hires An Audit Firm To Verify Crypto Reserves by Andrew Blumer last updated on December 10, 2022

Binance, which is the world's top crypto exchange, has recently hired an audit firm to verify its crypto reserves. But the news which makes this development interesting is that it is Mazars. It is the same firm that served Donald Trump for a 3rd party financial verification.

This move to acquire the services of an audit firm comes after the fall of FTX. At a time like this, the cryptocurrency market is worried that many more firms may fall due to not having enough reserves. But if Binance were to prove its current reserves, it would be a breath of fresh air for the crypto exchange as well as the wider crypto community.

Mazars Also Served Donald Trump

The accounting firm Mazars has also served the former president of the United States 'Donald Trump' in the past. At the time, it was working to perform financial verification for Trump's company.

As per available information, Mazars is already in the process of reviewing all the information related to Binance. In addition o the PoR, the accounting firm will also verify the tokens as well as the future updates of Binance. Binance believes that the first verification related to BTC will be finished somewhere this week.

In case you do not know, Mazars is a famous accounting firm that operates on an international scale. The firm's USA division, known as the 'Mazars USA,' has already worked with Donald Trump. But according to Mazars, they have cut ties with Donald Trump since 2022.

There is also news that the Binance exchange is moving a lot of crypto tokens as part of its wider PoR audits. For example, Binance sent close to $2 billion in BTC to an unknown wallet.

According to experts, when a crypto exchange has to move such a huge amount of cryptocurrency, it doesn't send a good signal.