![]() ![]() Only users who held at least 10 XRP in their Binance accounts during the snapshot (including those in trade orders) were eligible for the Flare (FLR) airdrop.XRP borrowed from Margin or Crypto Loans, or XRP transferred to Spot wallets, Simple Earn Flexible Products and Coin-Margined Futures wallets from these accounts, were excluded from the snapshot. The snapshot includes the net XRP balances in Spot wallets, Simple Earn Flexible Products (i.e., previously, “Savings accounts”) and Coin-Margined Futures wallets only."They don't know how to audit user assets, different blockchains," he said. But audits don't reveal every problem," continued Zhao, noting that many of those firms "don't know how" to audit crypto changes. "There are a few audit firms that audited FTX and they got burned because they give the stamp of approval, and I don't know how they did the audits. He added that "interestingly, many audit firms are kind of scared to work with crypto businesses." In an interview Thursday on CNBC's "Squawk Box," Zhao said Binance is working with auditing firms, though he didn't name which ones. The Big Four did not immediately respond to CNBC's request for comment. Coinbase, for example, is a client of Deloitte. Meanwhile, Ernst & Young, PricewaterhouseCoopers, Deloitte and KPMG - collectively dubbed accounting's Big Four - haven't made moves to drop their crypto clients. "In the future, we are open to work with any leading and reputable audit to provide the third-party verification report," a KuCoin spokesperson said. KuCoin said its proof of reserve report was already delivered by Mazars. A spokesperson said the company will "continue to engage with reputable audit firms in 2023 and beyond" as they "seek to increase transparency across the entire industry." A spokesperson for the exchange reiterated that the firm had "successfully" completed its recent proof of reserves in collaboration with Mazars and that the accounting company had "provided independent verification of our secure on-chain digital assets matching our customer balances 1:1."Ĭ added that customers can verify their balance on its website. ![]() 9, published a proof of reserves audited by Mazars, attesting that customer assets were held on a 1-to-1 basis, meaning that all deposits were 100% backed by 's reserves. ![]() Binance CEO Changpeng Zhao has often said that the company itself has no debt. The report did not show liabilities for Binance's lending arm. Unlike standard audits, the proof of reserves for Binance only accounted for bitcoin. 7, but the report is no longer available on the firm's website as of Friday morning. Mazars' South African branch published a five-page proof of reserves for Binance on Dec. "Unfortunately, this means that we will not be able to work with Mazars for the moment," Binance said.īoth bitcoin and Binance's BNB token took a dip on the news, with bitcoin initially dropping nearly 3% and Binance's native token falling close to 5.5%. Instead they report limited findings based on the agreed procedures performed on the subject matter at a historical point in time," the statement continued.Ī spokesperson from Binance, the world's largest crypto exchange, told CNBC in a statement that, "Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include, KuCoin, and Binance." "They do not constitute either an assurance or an audit opinion on subject matter. The statement added Mazars' proof of reserves reports are "performed in accordance with Reporting Standards relevant to an Agreed Upon Procedures report." Mazars Group said in a statement to CNBC that it had "paused its activity relating to the provision of Proof of Reserves Reports for entities in the cryptocurrency sector due to concerns regarding the way these reports are understood by the public." ![]() Mazars fired the Trump Organization as a client in February, citing a lack of reliability in the organization's financial statements. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |