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Breaking: Binance Signals Delay In Full Audit, Crypto Market FUD To Recur?

Binance's full audit of its crypto assets and liabilities will take more while the crypto community pushes for more transparency.
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Breaking: Binance Signals Delay In Full Audit, Crypto Market FUD To Recur?

Binance’s full audit of its crypto assets and liabilities will take more, Binance’s Asia-Pacific head Leon Foong disclosed on Wednesday.

A full audit of Binance is still pending despite calls for more transparency following the collapse of the crypto exchange FTX. Also, Binance’s earlier proof-of-reserves report by auditing firm Mazars was deleted after the firm suspended works for crypto firms.

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Binance Full Audit Report To Take More Time

Binance’s Asia-Pacific head Leon Foong admits that the company needs more time to release a full audit of its crypto assets and liabilities, reported Bloomberg on February 8.

The crypto exchange is still looking to hire a top auditing firm to audit its whole balance sheet. However, big auditing companies are still learning about the crypto market and other auditing firms are reluctant to work with crypto firms due to increased scrutiny by regulators.

“It’ll take a longer time. It shows you the limitations of the more traditional industries because there is a learning curve. Number one, it’s not their core competence. And number two, obviously there’s a lot of scrutiny if they get it wrong.”

Binance being the top crypto exchange in trading volume is facing intense pressure from the community to increase transparency following the FTX crisis. Mazars Group released Binance’s proof-of-reserves report in December, but suspended its services for crypto firms and deleted the report due to increased scrutiny.

Binance CEO Changpeng “CZ” Zhao argues crypto audits are challenging. Meanwhile, Nasdaq-listed Coinbase’s annual statements by leading audit firm Deloitte indicate large crypto exchanges can be audited.

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Is Binance FUD Still In Effect?

In December, Glassnode data revealed under-reporting of Bitcoin holdings by Binance in its self-reported PoR. Also, Binance admits mistakenly storing collateral for some of its tokens in the same wallet as the exchange’s customer funds. The exchange is working to quickly fix the error.

While other crypto firms are slashing their workforce, Binance is expanding globally. Recently, Binance acquired South Korea’s GOPAX crypto exchange to re-enter the market after two years. Moreover, Binance is focusing on becoming more efficient, increasing employees, and identifying areas that need restructuring.

Also Read: Shiba Inu Burn Jumps 10,000% As Top Crypto Exchange Sends Millions To Burn Address

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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