Share this article
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“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
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Visa brings Circle's USDC settlement to U.S. banks following $3.5 billion stablecoin pilot
Initial participants include Cross River Bank and Lead Bank, which are settling with Visa in USDC over the Solana blockchain.
What to know:
- U.S. banks and fintechs can now settle Visa obligations in Circle's USDC, starting on the Solana blockchain.
- Early participants include Cross River Bank and Lead Bank, with broader rollout planned through 2026.
- Visa will also support Circle’s Arc blockchain and run a validator, extending its stablecoin infrastructure bet.
Top Stories
