major cryptocurrency exchanges Kucoin hired an auditor Mazar A few days later, a third-party fact-finding report confirms evidence of reserves Rival exchange Binance did the same.
According to a statement on KuCoin’s official blog, Mazars will provide information on whether assets within KuCoin’s scope are collateralized.
The audit report reveals KuCoin’s reserves and customer liabilities.
It will focus on exchange holdings Bitcoin Bitcoin/USD, ethereum Ethereum/USDand two stablecoins, tether USD/USD When us dollar coin USD/USDand margin and other accounts.
“This move is the next step in our efforts to provide transparency into user funds and underscores our commitment to transparency and strengthening trust in the industry. From the beginning, we have been committed to providing our users with a secure and easy-to-use platform and products, while making continuous progress in management,” said KuCoin CEO. Johnny Liu said in statement.
A report of the fact-finding findings will be released in the coming weeks.
Increased transparency of crypto exchanges after FTX collapse
KuCoin is not the only exchange to step forward to increase operational transparency.
After the major bankruptcy of once-major cryptocurrency exchange FTX and its affiliated trading company Alameda Research, centralized exchanges across the industry are rushing to verify their reserve proofs.
In early November, bitcoin exchange Bitfinex released information about its reserves. Rival Binance Releases Its Own Proof-of-Booking Systemstarting with Bitcoin last week.
Recently, crypto derivatives exchange Bitmex started allowing users to self-verify their liabilities on their total liability balance sheet.
Photo: Courtesy: Marco Verch on flickr.