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KuCoin announces third-party PoR verification procedures

Exchange

cryptoslate.com 05 December 2022 10:07, UTC
  
Reading time: ~2 m

KuCoin, the cryptocurrency exchange recently interviewed on the SlateCast, have announced that it will be engaging with the international audit, tax, and advisory firm, the Mazars Group (MG).

MG will provide a third-party factual findings report that KuCoin’s existing and prospective customers can review for additional transparency, and to assess the collateralization of in-scope assets held by the exchange. The MG report will also provide Proof of Reserves (PoR) and customer liability.

The CEO of KuCoin, Johnny Lyu, commented on this latest update:

“As the People’s Exchange, we place the safety and security of our users’ funds as our topmost priority. Working with Mazars is the next step in our efforts to increase asset visibility for our users, highlighting our commitment to transparency and strengthening industry trust. KuCoin has been committed to providing users with safe, easy-to-use platforms and products since day one, while making continuous progress in user protection, transparency, and risk management. It is a great pleasure to engage with Mazars, a leading audit, tax and advisory firm, to provide users with a reliable, credible platform during a time of turbulence and to promote the development of the industry.”

KuCoin Partner and Digital Asset Lead, Wiehann Olivier, said “following recent events, there is a dire need in the industry for additional transparency.”

“We are confident that Mazars’ PoR service offering to KuCoin and other international cryptocurrency exchanges will aid in building trust through transparency.”

Customers will be able to find the published report on the official KuCoin website in a few weeks’ time.

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