Binance Partners with Grant Thornton for Audit Advice

• Binance appoints Grant Thornton to provide accounting and tax advice.
• The partnership will ‍assist Binance⁢ in preparing‍ for an audit.
• Binance ​previously worked with Mazars,⁢ but the firm suspended its services in December 2022.

Cryptocurrency exchange Binance has ‌partnered with the Singapore branch of UK-based firm Grant Thornton to provide accounting and tax advice. This⁢ move aims to enhance the exchange’s financial reporting and audit preparation.

Binance‍ previously collaborated with auditing firm Mazars to prepare “proof of reserves” reports for its cryptocurrency clients. However, Mazars suspended its services with⁣ the exchange in December 2022 due to concerns over public misinterpretation of‌ these reports.

Grant Thornton, with its experience working with stablecoin issuer Circle, will assist Binance in ⁤navigating technical ⁢accounting, financial ​reporting, audit preparation, and tax matters.⁣ A Binance spokesperson confirmed⁤ the partnership, ​highlighting Grant Thornton’s expertise in these areas.

Following ​the collapse of crypto⁣ exchange FTX, the crypto‍ industry has increasingly demanded that exchanges ‍provide regular proof of ⁣reserves‌ to verify their ​asset holdings. However, proof ​of reserves only ⁢provides a snapshot⁢ of‌ an exchange’s balance⁣ sheet at a specific point in time, potentially creating ​loopholes for companies.

Mazars argued that this limitation led to the suspension of its services. Clients are now calling on crypto exchanges to provide true financial audits.⁤ Binance has stated that Grant Thornton will assist the exchange in preparing for such an audit, but will not act as‌ the exchange’s auditor.

Grant⁣ Thornton’s expertise​ will play a crucial role⁣ in enhancing ‍Binance’s⁣ financial ‌reporting⁢ and audit preparation. This⁣ partnership demonstrates Binance’s commitment to⁤ transparency and accountability in ‌the crypto industry.