“Mazars” Accounting Firm :
Donald Trump’s business has long used the U.S. division of Mazars as its accounting provider.
As part of its proof-of-reserve (PoR) audits brought on by the demise of FTX, cryptocurrency exchange Binance is collaborating with accounting firm Mazars.
The Wall Street Journal reported on November 30 that Mazars, the accounting firm that worked for the business of former U.S. President Donald Trump, had been chosen as the official auditor to carry out a “third party financial verification” as part of Binance’s PoR upgrades.
Is The BTC Verification Upgrade Will Be Finished This Week
According to reports, the accounting firm has already started evaluating Binance’s publicly available data on Bitcoin BTC.
PoR will also validate further updates and coins, according to a representative for Binance. The representative continued, “The first BTC verification upgrade will be finished this week.”
A worldwide accounting firm with its main office in Paris is called Mazars. Trump’s longtime accounting firm in the United States, Mazars USA, has been controversial since 2019 over a request for some of his financial records from the House Oversight and Reform Committee. According to reports, the company severed relations with Trump and his family in 2022.
The announcement coincides with Binance’s recent large-scale cryptocurrency transfers for PoR audits. On November 28, Binance delivered 127,351 BTC, or around $2 billion, to an unidentified wallet. Following the transaction, CEO Changpeng “C.Z.” Zhao revealed that it was a part of the continuing PoR process.
Since C.Z. previously argued that it’s bad news when exchanges have to move significant sums of cryptocurrency to confirm their wallet address, the action has raised some questions in the community.
In reaction to the failure and bankruptcy of the FTX cryptocurrency exchange, Binance introduced a PoR procedure and mechanism, as was previously reported. One of several steps taken by Binance to demonstrate its transparency was the publication on November 25 of Merkle Tree-backed proof of funds for Bitcoin.
In the wake of the FTX collapse, many other exchanges, including OKX and KuCoin, have been working extremely hard to keep their clients’ faith. Binance is not alone in this effort. Meanwhile, some industry watchers think that the exchanges’ current PoR method is mainly ineffective if they additionally give liabilities, which are exceedingly difficult to forge.