KuCoin joins hands with Mazars to conduct third-party PoR verification procedures  | The Financial Express

KuCoin joins hands with Mazars to conduct third-party PoR verification procedures 

Furthermore, it will provide the details to showcase KuCoin’s proof of reserves and customer liability.

KuCoin joins hands with Mazars to conduct third-party PoR verification procedures 
The company further informed that Mazars will offer KuCoin’s customers and prospective customers additional transparency

KuCoin, a cryptocurrency exchange has engaged Mazars, an international audit, tax, and advisory firm, to provide a third-party factual findings report, as reported by an official release.

“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. 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.,”  Johnny Lyu, CEO of KuCoin, said. 

The company further informed that Mazars will offer KuCoin’s customers and prospective customers additional transparency and reporting on whether their in-scope assets are collateralised. 

“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,” Wiehann Olivier, Partner and Digital Asset Lead, said.

Furthermore, it 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, among others. 

Also Read: ‘e-rupee’ designed to complement rather than replace existing digital payments, says RBI

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First published on: 05-12-2022 at 16:56 IST