Binance Employs Trump’s Audit Firm To Verify Cryptocurrency Reserves

The US branch of Mazars served as the corporation for former US President Donald Trump’s accounting firm for a significant amount of time.

To carry out the proof of reserve (PoR) audits that were triggered by the FTX crash, cryptocurrency exchange Binance is collaborating 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 United States President Donald Trump, has been appointed as the official auditor to carry out a “third-party evaluation”. financial verification” as part of Binance’s PoR updates. Mazars will conduct the audit.

A Binance spokeswoman is quoted as saying that the accounting firm is reportedly already analyzing all publicly disclosed information about Bitcoin PoR and will also confirm any future upgrades or tokens. The individual went on to say that the first verification update for BTC It will be finished by the end of this week.

Mazars is a global accounting firm headquartered in the French capital of Paris.

Since 2019, its US branch, Mazars USA, has been embroiled in a dispute with a request from the House Committee on Oversight and Reform over some of President Trump’s financial documents. Mazars USA has been serving as Trump’s accounting firm for a long time.

The company was alleged to have severed all relations with Trump and his family in the year 2022.

The announcement comes as Binance is now conducting PoR audits, which require you to move massive sums of money.

On November 28, Binance sent 127,351 bitcoins, which is equivalent to around $2 billion, to an unknown wallet. CEO Changpeng “CZ” Zhao later said the transaction was part of the current PoR process.

The move has caused some anxiety within the community as CZ previously indicated that it is undesirable for cryptocurrency exchanges to be required to transfer significant sums of cryptocurrency in order to verify your wallet address.

As previously reported, in reaction to the crash and subsequent bankruptcy of cryptocurrency exchange FTX, Binance initiated a Proof of Reputation (PoR) procedure and mechanism.

Additionally, the company announced the publication of a Merkle Tree-backed proof of funds for Bitcoin on Nov. 25. This action was just one of several that Binance took to demonstrate its transparency.

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