Crypto exchange KuCoin hired the international accounting firm Mazars for a third-party audit of its proof of reserves (PoR).
According to an announcement on Dec. 5, the verification will provide the exchange customers additional transparency and reporting on whether their in-scope assets are collateralized, along with details on main, trade, margin, robot and contract accounts for Bitcoin (BTC) and Ether (ETH), as well as for the stablecoins Tether (USDT) and USD Coin (USDC).
The report should be available on KuCoin’s official website within a few weeks.
CEO of KuCoin Johnny Lyu said the move is the next step in the exchange efforts to provide transparency on users’ funds.
Binance’s publicly shared Bitcoin information is already being reviewed.
KuCoin and Binance are among the six crypto firms requested to provide information on consumer protection by the United States Senator Ron Wyden by Dec. 12.
Source: Cointelegraph