Binance Hires Ex-President Trump’s Auditing Firm to Verify Cryptocurrency Reserves
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Answer Binance Hires Ex-President Trump’s Auditing Firm to Verify Cryptocurrency Reserves
Binance is moving forward with proving its cryptocurrency reserves and trying to achieve high transparency in this regard.
Recently, Binance announced the hiring of Mazars to audit proof of cryptocurrency reserves.
As for the “Mazars” company, one of its branches in the United States previously worked as an accounting firm for former United States President “Donald Trump” for a long period of time.
According to a report in the Wall Street Journal on November 30, Mazars has been designated as the official audit firm and as a “third-party” financial verification implementation as part of Binance’s Proof of Reserve (PoR) updates.
A Binance spokeswoman was quoted as saying that the accounting firm is allegedly already analyzing all publicly disclosed information about proof of bitcoin reserves and will also confirm any future upgrades or cryptocurrencies.Read:How to prepare for the ICX staking process?
She told the same spokeswoman that the first verification upgrade for Bitcoin will end by the end of this week.
Mazars is a global accounting firm headquartered in Paris, France.
Since 2019, its US subsidiary, Mazars USA, has been in dispute with a request from the House Oversight and Reform Committee for some of President Trump’s financial documents.
Mazars USA serves as President Trump’s long-term accountancy firm.
It was alleged that the company cut all ties with “Trump” and his family in 2022.
The announcement comes as Binance is now conducting PoR audits, which require it to move huge sums of money.
On November 28, Binance sent 127,351 bitcoins, equivalent to about $2 billion, to an unknown wallet.
Later, CZ told Binance CEO that the transaction was part of the existing PoR reserve verification process.
This action has caused some concern within the community since CZ previously indicated that it is not desirable for cryptocurrency exchanges to be required to transfer large sums of cryptocurrency in order to verify their wallet address.
Binance’s cryptocurrency reserve check came in reaction to the downfall and subsequent bankruptcy of cryptocurrency exchange FTX.Read:Dogecoin Foundation Joins Ethereum Founder Vitalik Buterin to Build Staking
In addition, the company announced the publication of Merkle Tree-backed proof of its Bitcoin on November 25.
This action was just one of several that Binance has taken to demonstrate its transparency.
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