Binance says big auditors not ready for it yet

Per CryptoDaily - fa 1 any - Temps de lectura: 2 minuts
Dimecres, 8 de febrer de 2023 9:41

Binance says big auditors not ready for it yet

Binance declares that the big auditors still have a lot to learn about the crypto industry and so a full audit probably won’t take place soon.

Binance has suffered much FUD in recent times, and those looking to see the biggest crypto exchange by volume fail have heaped plenty of criticism and doubts upon how it operates.

Kevin O’Leary, big businessman entrepreneur, and paid as a spokesman by Sam Bankman-Fried of FTX infamy, was recently interviewed by Scott Melker on the Wolf of All Streets YouTube channel, and he took every chance to smear “unregulated exchanges” and their “faux equity” tokens - mentioning Binance on a few occasions as being one of the main culprits.

Leon Foong, head of Binance Asia-Pacific was quoted by Bloomberg as saying that there weren’t agreed standards for price volatility for example. He stated:

"Trogarà més temps. Et mostra les limitacions de les indústries més tradicionals perquè hi ha una corba d'aprenentatge. Primer, no és la seva competència bàsica. I el número dos, òbviament, hi ha molt d'escrutini si s'equivoquen".

However, the Bloomberg article does cite the Coinbase annual statements carried out by Deloitte as proof that the major accountants can in fact carry out this type of work for crypto companies.

Binance itself does admit that it has made mistakes in the past in how it manages its stablecoins reserves. Also, it acknowledges that it was in error when it held various token collateral in the same wallet intermingled with client funds.

Foong stated that this issue was being rectified by the exchange and would be completed as soon as possible. He also said that the Binance proof-of-reserves statement would be enlarged upon.

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Font original: CryptoDaily