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Binance APAC Head Suggests Full Audit of the Crypto Exchange Isn't Happening Soon: Bloomberg
Finding an auditor for the whole balance sheet is difficult given the complexities of auditing crypto assets due to challenges like price volatility.
Updated May 9, 2023, 4:07 a.m. Published Feb 8, 2023, 11:13 a.m.
A full audit of Binance's assets and liabilities may be some way off, the crypto exchange's head of Asia-Pacific said in an interview with Bloomberg.
Finding an auditor to go over the whole balance sheet is difficult given the complexities of auditing crypto assets due to challenges like price volatility, Leon Foong said in the interview.
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“It shows you the limitations of the more traditional industries because there is a learning curve," he said. "Number one, it’s not their core competence. And number two, obviously there’s a lot of scrutiny if they get it wrong.”
Auditing firm Mazars conducted a proof-of-reserves report on Binance in December. The report found its bitcoin reserves to be overcollateralized. Mazars subsequently paused its proof-of-reserves work with crypto clients out of concerns about the way such reports are understood by the public.
Crypto firms came under pressure to demonstrate that their customers' assets were fully backed 1:1 last year in the wake of the collapse of FTX.
Binance did not immediately respond to CoinDesk's request for comment.
Read more: 90% of WazirX's User Assets Are in Binance Wallets, According to Proof-of-Reserves Report
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