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KuCoin, a cryptocurrency exchange, has hired auditor Mazars to confirm its proof of reserves in a third-party factual findings report. According to a statement on KuCoin's company blog, the company will provide information on whether KuCoin's in-scope holdings are collateralized. Mazars wants to reveal the reserves and consumer liabilities for KuCoin. In addition to focusing on bitcoin, ether, and the stablecoins USDT and USDC, this will also feature margin and other accounts.
KuCoin Employs Mazars to Reveal Reserves
In a release, KuCoin CEO Johnny Lyu stated that this move is the next step in the attempts to give openness to the customers' funds, showcasing the dedication to transparency and improving industry confidence. He further stated on Twitter that he constantly emphasizes KuCoin is a People's Exchange that prioritizes the safety and protection of customers' assets. The report on the factual findings is anticipated to release in a few weeks. https://twitter.com/lyu_johnny/status/1599708746317705218
FTX, Alameda, and Bitfinex Information
KuCoin has been working to increase openness in its operations for some time now. After the elevated failures of the top cryptocurrency exchange, FTX, and its related trading company Alameda Research, centralized exchanges throughout the industry have been hurrying to validate their proofs of reserves. In the first part of November, Bitcoin exchange Bitfinex released information on its reserves, while competitor Binance released its proof-of-reserves method, starting with bitcoin, at the end of November. Most recently, the entire liability balance sheet on the cryptocurrency derivatives market Bitmex started allowing customers to self-verify their obligations.