Mazars Hired To Audit KuCoin’s Proof-of-Reserves

KuCoin, a cryptocurrency exchange, has hired Mazars, an international accounting firm, to perform a third-party audit of its Proof-of-Reserves.

According to the announcement on KuCoin’s official blog, the company will provide information on whether KuCoin’s in-scope assets are collateralized. Mazars would fully audit and disclose KuCoin’s asset reserves and customer liabilities. This will focus on Bitcoin (BTC), Ether (ETH), and the two stablecoins, USDT and USDC, as well as margin and other accounts.

KuCoin stated:

“Mazars will offer KuCoin’s customers and prospective customers additional transparency and reporting on whether their in-scope assets are collateralized. Furthermore, it will provide the details to showcase KuCoin’s proof of reserves and customer liability, respectively, which will also account for customers’ main, trade, margin, robot, and contract accounts, etc. for BTC, ETH, USDT, and USDC.”

KuCoin CEO Johnny Lyu posted a tweet concerning the new development:

I always say that KuCoin is a People’s Exchange where we place the safety and security of users’ funds as our top priority. I’m honored to announce that KuCoin has engaged Mazars, a leading international audit firm, to provide a 3rd-party PoR. #BUIDL https://t.co/XVECxsYxpS

— Johnny_KuCoin (@lyu_johnny) December 5, 2022

Lyu stated that the action is the next step in the exchange’s efforts to increase the transparency of user fund management. The report is expected to be published in a few weeks.

Wiehann Olivier, a partner at Kucoin, also stated:

“After recent events there is a dire need in the industry for additional transparency and we are confident that Mazars’ PoR service offering to KuCoin and other international cryptocurrency exchanges will aid in building trust through transparency.”

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