For a considerable time, the United States branch was used as an accounting firm by former President Donald Trump.
The accounting firm Mazars is collaborating with Binance to conduct the proof-of reserve (PoR), audits that were prompted due to the fall of FTX.
According to a Wall Street Journal report on November 30, Mazars is an accounting firm that has previously worked for Donald Trump’s company. Mazars was named as the official auditor to conduct a “third party verification” in the context of Binance’s PoR Updates. The audit will be conducted by Mazars.
Binance’s spokeswoman was quoted as saying Binance had already analysed all information publicly available about Bitcoin PoR and would confirm any future upgrades and tokens. Further, the individual stated that the first verification upgrade was for BTC This week, the project will be completed.
Mazars is a global accounting firm with its headquarters in Paris, France.
The dispute has stemmed from a request by the House Oversight and Reform Committee to obtain financial documents of President Trump. Mazars USA is Trump’s trusted accounting firm.
According to some reports, Trump’s family was cut off by the company in 2022.
Binance is conducting PoR audits which will require it move huge sums of cash.
Binance sent around $2 billion worth of bitcoins to an unknown wallet on November 28th. The transaction was later confirmed by CEO Changpeng Zhao “CZ” Zhao.
CZ had previously warned that cryptocurrency exchanges shouldn’t be required to transfer large sums of cryptocurrency to verify wallet addresses. This has caused anxiety within the cryptocurrency community.
As previously reported, Binance started a Proof of Reputation process and mechanism in response to the bankruptcy of FTX cryptocurrency exchange.
Additionally, the company published a Merkle Tree-backed proof fund for Bitcoin on November 25, Binance was not content with this action, but it did many other things to show its transparency.
