Breaking: Binance Signals Are Delay in Full Audit, Crypto Market FUD To Recur
Binance’s full audit will take longer, Binance’s Asia-Pacific chief Leon Foong revealed on Wednesday.
Despite calls for greater transparency after the collapse of crypto exchange FTX, a full audit of Binance remains pending. After Mazars suspended its work for crypto firms, Binance’s proof-of-reserves report was also deleted.
To take more time, Binance Full Audit Report
According to Bloomberg, Leon Foong, Binance’s Asia-Pacific chief, admitted that the company needs more time for a complete audit of its crypto assets.
The crypto exchange is still seeking to hire a top-rated auditing firm to audit its entire balance sheet. Despite this, large auditing companies are still learning about crypto markets and other auditing firms are reluctant work with crypto firms because of increased scrutiny from regulators.
It will take longer. It shows you the limitations in the more traditional industries. There is a learning curve. It’s not their core competency. Number two, they will be scrutinized if they do it wrong.”
The community is putting pressure on Binance, the largest crypto exchange by trading volume, to improve transparency after the FTX crisis. Mazars Group published Binance’s proof of reserve report in December. However, due to increased scrutiny, Mazars Group suspended its services for crypto firms.
Changpeng Zhao, Binance CEO, argues that crypto audits can be difficult. The annual statements of leading audit firm Deloitte, which are listed on the Nasdaq, Coinbase, indicate that large crypto exchanges can be audited.
Is Binance FUD still in effect?
Glassnode data showed that Binance under-reported its Bitcoin holdings in its self-reported PoR in December. Binance also admitted that it misplaced collateral for some of its tokens within the same wallet as customer funds. The exchange is working quickly to correct the error.
While other crypto companies are cutting their workforce, Binance continues to expand globally. Binance recently acquired South Korea’s GOPAX cryptocurrency exchange to re-enter this market after two years. Binance is also focusing on efficiency, increasing employees and identifying areas in need of restructuring.
Also read: Shiba inu Burn Jumps 10,000% as Top Crypto Exchange Sends Millions To Burn
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