{"id":521407,"date":"2022-12-05T13:00:00","date_gmt":"2022-12-05T10:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/audit-firm-mazars-to-verify-kucoins-proof-of-reserves\/"},"modified":"2022-12-05T13:00:00","modified_gmt":"2022-12-05T10:00:00","slug":"audit-firm-mazars-to-verify-kucoins-proof-of-reserves","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/audit-firm-mazars-to-verify-kucoins-proof-of-reserves\/","title":{"rendered":"# Audit firm Mazars to verify KuCoin&#8217;s Proof-of-Reserves"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d6996bf99d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d6996bf99d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/audit-firm-mazars-to-verify-kucoins-proof-of-reserves\/#%E2%80%9D_Audit_firm_Mazars_to_verify_KuCoins_Proof-of-Reserves_%E2%80%9C\" >&#8221; Audit firm Mazars to verify KuCoin&#8217;s Proof-of-Reserves &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Audit_firm_Mazars_to_verify_KuCoins_Proof-of-Reserves_%E2%80%9C\"><\/span>&#8221; Audit firm Mazars to verify KuCoin&#8217;s Proof-of-Reserves &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvYWE1ZDRjZjMtNThiMC00ZTI4LTliNDgtYzk5ZjA4OTYwNTFiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-471f9776>Crypto exchange KuCoin hired the international accounting firm Mazars for a third-party audit of its Proof-of-Reserves (PoR).\u00a0<\/p>\n<p>According to an announcement on Dec. 5, the verification will provide the exchange customers additional transparency and reporting on whether their in-scope assets are collateralized, along with details on main, trade, margin, robot and contract accounts for Bitcoin (BTC) and Ethereum (ETH), as well as for the stablecoins USDT and USDC. <\/p>\n<p>The report should be available on KuCoin&#8217;s official website within a few weeks. CEO of KuCoin Johnny Lyu said the move is the next step in the exchange efforts to provide transparency on users\u2019 funds. Wiehann Olivier, partner at Kucoin, also noted: <\/p>\n<blockquote><p>\u201cAfter recent events, there is a dire need in the industry for additional transparency, and we are confident that Mazars\u2019 PoR service offering to KuCoin and other international cryptocurrency exchanges will aid in building trust through transparency.\u201d<\/p><\/blockquote>\n<p>As reported by Cointelegraph, Mazars was also <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointed as an official auditor to conduct \u201cthird party financial verification\u201d in Binance&#8217;s PoR on Nov. 30. Binance&#8217;s publicly shared Bitcoin information is already being reviewed.\u00a0<\/p>\n<p><strong><em>Related: Will Grayscale be the next FTX?<\/em><\/strong><\/p>\n<p>Headquartered in Paris, the international accounting firm previously worked for former United States President Donald Trump\u2019s company. According to reports, the firm cut ties with Trump and his family in 2022.<\/p>\n<p>KuCoin and Binance are among the six crypto firms requested to provide information on consumer protection by the United States Senator Ron Wyden by Dec. 12.<\/p>\n<p>Wyden<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wyden.senate.gov\/news\/press-releases\/wyden-questions-crypto-exchanges-on-consumer-protections-following-failure-of-ftx\"> requested<\/a> Binance, Coinbase, Bitfinex, Gemini, Kraken and KuCoin information on subsidiary companies, safeguards of consumer assets, use of customer data, and guards against market manipulation. The senator argued that crypto users with funds in FTX had \u201cno such protections\u201d as those offered by banks or registered brokers under the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/audit-firm-mazars-to-verify-kucoin-s-proof-of-reserves\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Audit firm Mazars to verify KuCoin&#8217;s Proof-of-Reserves &#8220; Crypto exchange KuCoin hired the international accounting firm Mazars for a third-party audit of its Proof-of-Reserves (PoR).\u00a0 According to an announcement on Dec. 5, the verification will provide the exchange customers additional transparency and reporting on whether their in-scope assets are collateralized, along with details on&#8230;<\/p>\n","protected":false},"author":1,"featured_media":521408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvYWE1ZDRjZjMtNThiMC00ZTI4LTliNDgtYzk5ZjA4OTYwNTFiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74860,90126,77475,117],"class_list":["post-521407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-cryptocurrency-exchange","tag-data-exchange","tag-kucoin","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/521407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=521407"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/521407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/521408"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=521407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=521407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=521407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}