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KuCoin announces third-party PoR verification procedures

KuCoin announces third-party PoR verification procedures WikiBit 2022-12-05 18:38

KuCoin has announced a partnership with the Mazars Group, an international audit, tax, and advisory firm.

KuCoin, a cryptocurrency exchange previously discussed on the SlateCast, has announced that it would collaborate with the Mazars Group, an international audit, tax, and consultancy business (MG).

MG will produce a third-party factual findings report for KuCoin's present and prospective clients to evaluate for increased transparency and to assess the collateralization of in-scope assets held by the exchange. In addition, the MG report will include Proof of Reserves (PoR) and customer liability.

Johnny Lyu, the CEO of KuCoin, commented on the latest update:

“As the People's Exchange, we prioritize the safety and security of our users' funds.” Working with Mazars is the next stage in our efforts to expand asset visibility for our users, emphasizing our commitment to openness and bolstering industry trust. Since its inception, KuCoin has been committed to offering consumers with safe, simple-to-use platforms and products, while also making ongoing advancements in user protection, transparency, and risk management. It is a great joy to collaborate with Mazars, a major audit, tax, and advisory business, to provide users with a stable, credible platform during a period of instability and to encourage industry development.

Wiehann Olivier, KuCoin Partner and Digital Asset Lead, stated that “after recent occurrences, there is a pressing need in the market for increased openness.”

“We are optimistic that Mazars' PoR service offering to KuCoin and other international cryptocurrency exchanges will contribute to the development of trust through transparency.”

In a few weeks, customers will be able to find the published report on the official KuCoin website.

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