Binance hires Trump audit firm to check crypto reserves
The American branch of Mazars served as the company of former US President Donald Trump’s accounting firm for a significant period.
To carry out the proof-of-reserve (PoR) audits prompted by the decline of FTX, cryptocurrency exchange Binance is partnering with accounting firm Mazars.
According to a report published by the Wall Street Journal on November 30, Mazars, an accounting firm that previously worked for the company of former President of the United States Donald Trump, has been appointed as the official auditor to carry out a “third party”. financial verification” as part of Binance’s PoR updates. Mazars will conduct the audit.
A spokeswoman for Binance is quoted as saying that the accounting firm is reportedly already analyzing all publicly released information about Bitcoin PoR and will also confirm any future upgrades or tokens. The individual went on to say that the first verification upgrade for BTC will be finished by the end of this week.
Mazars is a global accounting firm with headquarters in the French capital, Paris.
Since 2019, the US branch of Mazars USA has been involved in a dispute with a request by the House Oversight and Reform Committee for some of President Trump’s financial documents. Mazars USA has served as Trump’s long-standing accounting firm.
It was alleged that the company cut all ties with Trump and his family in 2022.
The announcement comes as Binance is now conducting PoR audits, which require it to move huge sums of money.
On November 28, Binance sent 127,351 bitcoins, which is equivalent to about $2 billion, to an unknown wallet. Later, CEO Changpeng “CZ” Zhao said the transaction was part of the current PoR process.
The move has caused quite a stir in the community since CZ has previously indicated that it is undesirable for cryptocurrency exchanges to transfer significant amounts of cryptocurrency to verify their wallet address.
As previously reported, in response to the fall and subsequent bankruptcy of the FTX cryptocurrency exchange, Binance initiated a Proof of Reputation (PoR) procedure and mechanism.
In addition, the company announced the publication of a Merkle Tree-backed proof of funds for Bitcoin on November 25. This action was just one of several that Binance took to demonstrate its transparency.
