Weeks after the collapse of Sam Bankman-Fried’s crypto exchange FTX, BINANCE has appointed accounting firm Mazars to verify its proof of reserves (PoR). Binance chose Mazars—the accounting firm that worked for former U.S. President Donald Trump—as its official auditor to carry out a ‘third party financial verification.’
“The first verification update for BTC will be completed this week,” a Binance spokesperson said.
According to the Wall Street Journal report, Mazars will verify Binance’s crypto reserves as part of the exchange’s larger proof-of-reserves system to foster more transparency. Mazars is an international accounting firm. Its U.S. branch, Trump’s long-time accounting firm, has been entangled in controversy since 2019 over a request for his financial records by the House Oversight and Reform Committee.
