KuCoin Engages Mazars to Conduct Third-Party PoR Verification Procedures

https://www.businesswire.com/news/home/20221205005273/en/KuCoin-Engages-Mazars-to-Conduct-Third-Party-PoR-Verification-Procedures

KuCoin, one of the largest exchanges worldwide, announced that it has engaged Mazars, a leading international audit, tax and advisory firm, to provide a third-party factual findings report.

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

Commenting on this Johnny Lyu, CEO of KuCoin: “As People’s Exchange, we place the safety and security of users' funds as its top most priority. This move is the next step in our efforts to provide transparency on our users’ funds, highlighting our commitment to transparency and strengthening industry trust. KuCoin has been committed to providing users with safe and easy-to-use platforms and products since day one, while making continuous progress in user protection, transparency, and risk control. 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.”

“After recent events there is a dire need in the industry for additional transparency and we are confident that Mazars’ PoR service offering to KuCoin and other international cryptocurrency exchanges will aid in building trust through transparency,” said Wiehann Olivier, Partner and Digital Asset Lead.