Binance Hires Auditing Company Mazars to Verify Its Reserves

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The new partner of the world's largest crypto exchange once worked for former US President Donald Trump.

Binance has entered into a cooperation agreement with Mazars, which is making the accounting company the auditor of the new Proof-of-Reserve (PoR) system.It is reported that the auditor is already checking all publicly available information about the crypto exchange's Bitcoin (BTC) holding.

The company will check all future updates to the system and the new tokens included in it.According to a Mazars spokesperson, the verification of bitcoin reserves will be completed this week.

Mazars is an international accounting firm headquartered in Paris.Until 2022, the American division of Mazars USA worked with Donald Trump's companies.However, Mazars was subsequently dragged into the review of some of Trump's financial records by the House Oversight and Reform Committee.After that, the firm severed ties with Trump.

Binance launched a PoR system in response to the events around the default of the FTX cryptocurrency exchange - the trading platform is trying to reassure its partners and users by proving that their assets haveSufficient security.

The Proof-of-Reserve system is becoming more and more popular among cryptocurrency exchanges that seek not to lose users amid market turmoil.