Skepticism pervades crypto exchange liabilities reports, and Mazars
Binance, the biggest crypto exchange by volume, released a proof-of-reserves and proof-of-liabilities verification on Wednesday. It was conducted by accounting firm Mazars' South African affiliate, and only some are satisfied with the level of transparency and information provided.
Douglas Carmichael, an accounting professor at Baruch College and former chief auditor of the U.S. Public Company Accounting Oversight Board, told the Wall Street Journal something similar when he said that he "can’t imagine it answers all the questions an investor would have about the sufficiency of collateralization" and isn't satisfactory to prove the exchange's finances or liquidity.
Source
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