A full audit of Binance's assets and liabilities may be some way off, the crypto exchange's Asia-Pacific chief has said. By JamieCrawleyCD
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.
“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.”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
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