KuCoin Engages Mazars To Provide 3rd Proof Of Reserves

Many have said that a proof of reserves release is not sufficient without an accounting of liabilities and a third-party audit. In the response to the thereof, the Kucoin exchange announced its engagement with Mazars, a leading international audit, tax, and advisory firm, to provide a third-party factual findings report.

As Kucoin reported, Mazars will offer their customers additional transparency and reporting on whether customers’ in-scope assets are collateralized. Additionally, the audit firm will provide the details to showcase KuCoin’s proof of reserves and customer liability, which will also account for customers’ main, trade, margin, robot, and contract accounts, etc. for BTC, ETH, USDT, and USDC.

It is a great pleasure to engage Mazars, a leading audit, tax and advisory firm, to provide users with a safe and credible platform during the turbulent period of the industry and to promote the development of the industry.

Johnny Lyu, CEO of KuCoin added.

Lyu previously stated in an interview that “People’s Exchange” would release proof of liabilities, but he did not give a timeline, according to Fortune, KuCoin is incorporated in Seychelles, not the United States, and it is still waiting for confirmation from its legal team. Added to this is the fact that Kucoin is focusing on releasing its Merkle tree proof of reserves.

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