In order to verify its proof-of-reserve (PoR) transactions, the KuCoin crypto trading platform has hired the company Mazars which specializes in crypto audit and accounting, as well as advisory works and offers.
The news was announced on the 5th of December according to the official webpage of the Bitcoin exchange platform.
KuCoin works with Mazars
In response to Sam Bankman-Fried’s FTX death spiral, KuCoin, the fourth-biggest cryptocurrency trader by the daily exchanged amounts, is yet the hugest-centered Bitcoin-based exchanging corporation to implement a PoR documentation.
In a news announcement on December 5, the authorities of the KuCoin trading platform disclosed that it is going to work in cooperation with Mazars, a well-known world accounting company that specializes in taxation laws and consultative work, to carry out a PoR confirmation incorporation into the core of the platform.
KuCoin has been able to continue running on a regular basis despite the disabling world cryptocurrency marketplace crisis and the overwhelming FTX incident, which have destroyed numerous constituted and previously stable undertakings.
KuCoin Chief executive officer J. Lyu made the following comments in response to the most recent development.
He stated that the action is the upcoming movement in the efforts of the company’s team to supply clearness on the funds used by their clients, spotlighting their dedication to clarity and boosting the development of the crypto sphere and the trust of the users.
The main aims of KuCoin as a company
Since its inception, KuCoin has always been devoted to giving clients secure and user-friendly platforms while also advancing their security, clearness, and danger management.
Unknown to the general public, D. Trump, a previous US head of state, used Mazars as his primary auditing company.
Binance, a cryptocurrency trading service, also disclosed a Proof-of-Reserves confirmation agreement with the business last month.
Sam Bankman-Fried, the notorious creator of his FTX trading platform, purposefully caused the exchange to crash, and now private investors and victims of the crypto trader crash anxiously await recovery.
If he will be prosecuted for his crimes, that situation on the market might change again.