Accounting firm Mazars is already reviewing all of Binance’s publicly shared information on Bitcoin proof-of-reserves and will also be verifying future updates and tokens.
Binance moving large amounts of cryptocurrency
as part of its PoR audits. On Nov. 28, Binance sent 127,351 BTC, or about $2 billion, to an unknown wallet, with CEO Changpeng “CZ” Zhao subsequently announcing that the transaction was part of the ongoing PoR process. The action has triggered some concerns in the community as previously CZ argued that it’s bad news when exchanges have to move large amounts of crypto to prove their wallet address.and mechanism in response to the crash and bankruptcy of the FTX crypto exchange. On Nov. 25, the firm also published Merkle Tree-backed proof of funds for Bitcoin, which was just one of many Binance’s measures to prove its transparency.
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