KuCoin Hires Mazars To Conduct Third-Party PoR Verification Procedures

Twitter icon  •  Published 1 год назад  •  Hassan Maishera

Cryptocurrency exchange KuCoin announced that it had hired Mazar to conduct its third-party proof of reserve verification procedures.

KuCoin, one of the largest exchanges worldwide, announced on Monday, December 5th, that it has hired Mazars, a leading international audit, tax and advisory firm, to provide a third-party factual findings report.

According to its press release, KuCoin said Mazars will offer its customers and prospective customers additional transparency and reporting on whether their in-scope assets are collateralized. 

Furthermore, the firm will provide the details to showcase KuCoin’s proof of reserves and customer liability, respectively, which will also account for customers' main, trade, margin, robot, and contract accounts, etc. for BTC, ETH, USDT, and USDC.

While commenting on this latest development, KuCoin said;

“After recent events, there is a dire need in the industry for additional transparency, and we are confident that Mazars’ PoR service offering to KuCoin and other international cryptocurrency exchanges will aid in building trust through transparency”

This latest development comes as more exchanges respond to the recent collapse of FTX. FTX’s collapse has cast doubt on the operations of numerous cryptocurrency exchanges. The proof of reserve will indicate that the exchanges have funds available for trading and other activities. 

Commenting on this, Johnny Lyu, CEO of KuCoin: 

“As People’s Exchange, we place the safety and security of users' funds as its top most priority. This move is the next step in our efforts to provide transparency on our users’ funds, highlighting our commitment to transparency and strengthening industry trust. KuCoin has been committed to providing users with safe and easy-to-use platforms and products since day one while making continuous progress in user protection, transparency, and risk control. It is a great pleasure to engage Mazars, a leading audit, tax and advisory firm, to provide users with a safe and credible platform during the turbulent period of the industry and to promote the development of the industry.”

Wiehann Olivier, Partner and Digital Asset Lead, added that;

“After recent events, there is a dire need in the industry for additional transparency, and we are confident that Mazars’ PoR service offering to KuCoin and other international cryptocurrency exchanges will aid in building trust through transparency.” 

KuCoin said the report would be issued on its official website in a couple of weeks. The low KuCoin fees make it one of the most attractive cryptocurrency exchanges in the world. Is KuCoin available in the US? At the moment, KuCoin isn’t licensed to operate in the United States. However, with the exchange’s globalization plan currently in motion, KuCoin could be expanding into the North American country soon.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.