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Highlights
- Binance has onboarded Grant Thornton as its new accounting advisor
- The accounting firm's services will encompass tax related services
- This move is linked to the growing push toward regulatory compliance
Binance Exchange has made a crucial move toward its account transparency with the onboarding of Grant Thornton. The partnership between the duo will see the latter act as the official accounting and tax advisor for the former. This move marks a new way to ascertain its commitment toward regulatory compliance.
The Binance Smart Move With Grant Thornton
Binance is regarded as the biggest trading platform in the crypto world. With its massive reach, so also has there been criticism of its finances. Onboarding the Singapore arm of the top UK accounting firm might help loosen the obscurity surrounding its operational capital and finances.
According to a Binance spokesperson, Grant Thornton will provide advisory services related to technical accounting, financial reporting, audit preparedness and tax matters to the leading digital asset service provider.
Noteworthy, this is not the exchange’s first attempt at working with an accounting giant. Internationally integrated auditing firm Mazars used to provide its services to Binance, especially in terms of curating its Proof-of-Reserve (PoR) reports. However, the company decided to take a break over concerns of the public’s misinterpretation of those PoR reports.
This news comes off as a major complement in the exchange’s ecosystem. Recently, the exchange’s Bahrain offshoot took over South Africa’s derivatives market in an unusual business expansion move. This Grant Thornton onboarding will help the firm keep its books clean across all regions it operates in.
The Push To Check All Boxes
Since the collapse of FTX exchange, it has become necessary for crypto firms to regularly publish a copy of their PoR. This report only provides a snapshot of an exchange’s balance sheet at a given time, leaving chance for other loopholes. However, it delivers a level of confidence and assurance to investors. The exchange aims to continually check the box in this regard.
Amidst its current regulatory struggles across several regions, tools like audits and PoR might go a long way in maintaining investors’ confidence in Binance. In the meantime, the exchange is still trying to get its executive Tigran Gambaryan out of Nigeria. After being detained in the country for over six months, an Abuja Court is reviewing his bail application.
This saga in Nigeria came after Binance CEO Richard Teng denied Nigeria’s claims it made $26 billion in revenue in 2023. The government had accused the exchange of many things including tax related offences.
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