binance BNB/USD-2.20% designated accounting firm Mazar Validating proof of reserves (PoR) weeks after collapse Sam Bankman-Friedof virtual currency exchanges FTX.
As part of the PoR upgrade, Binance has selected Mazars, an accounting firm that worked for former President Donald Trump, as its official auditor to conduct a “third-party financial verification.”
A Binance spokesperson said, “BTC’s first verification update is expected to be completed this week.
Based in Paris, Mazars is an international accounting firm. Trump’s longtime accounting firm, its U.S. arm, has been embroiled in controversy since 2019 over a request for his financial records by the House Oversight and Reform Committee.
Mazar reportedly cut ties with Trump and his family in 2022.
The announcement coincides with recent large-scale cryptocurrency transfers for Binance’s PoR audit.
On November 28th, Binance transferred 127,351 BTC, or about $2 billion, to an unidentified wallet.
After the transaction, Binance CEO Zhao Changpeng Revealed to be part of an ongoing PoR process.
Observers have scrutinized this, as Mr. Zhao previously claimed that it was bad news for exchanges to have to move large amounts of cryptocurrency to verify wallet addresses.
In response to the failure and bankruptcy of FTX, Binance introduced PoR procedures and mechanisms and one of several steps taken by Binance to demonstrate its transparency was Bitcoin Merkle on Nov. 25. It was to publish the tree-backed proof of funds.
Other exchanges such as OKX and KuCoin are also rushing to publish their PoR reports.
This article originally appeared on Benzinga and is reprinted here with permission.