An announcement was made by KuCoin, one of the largest cryptocurrency exchanges in the world, stating that it has hired Mazars, a major international audit, tax, and consultancy firm, to provide a third-party factual findings report. Mazars will offer extra transparency and report to KuCoin’s current and prospective clients on whether or not their in-scope assets are collateralized.
In addition, it will offer the information necessary to demonstrate KuCoin’s proof of reserves and client liability, respectively, and it will account for customers’ primary, trade, margin, robot, and contract accounts, among other things, for Bitcoin, Ethereum, USDT, and USDC. Within the next few weeks, the report will be made available on the KuCoin official website.
Wiehann Olivier, Partner and Digital Asset Lead said: “After recent events, there is a dire need in the industry for additional transparency and we are confident that Mazars’ PoR service offering to KuCoin and other international cryptocurrency exchanges will aid in building trust through transparency.”
Making Continuous Progress In User Protection
Since the company’s inception, KuCoin has been dedicated to providing consumers with platforms and products that are both secure and simple to use, all while making consistent advancements in the areas of user protection, transparency, and risk control. During this turbulent time in the cryptocurrency industry, KuCoin is pleased to announce that it has engaged Mazars, a leading firm in the auditing, tax, and advisory industries. This will allow KuCoin to provide its users with a safe and credible platform while also promoting the growth of the cryptocurrency industry.
Commenting on this, Johnny Lyu, CEO of KuCoin said: “As People’s Exchange, we place the safety and security of users’ funds as its top priority. This move is the next step in our efforts to provide transparency on our users’ funds, highlighting our commitment to transparency and strengthening industry trust.”
KuCoin is a global crypto exchange that began its operations in September 2017, and its headquarters are located in the Republic of Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it mainly offers spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 27 million users located in 207 different countries and regions. In addition, it offers over 700 different digital assets for trading.
In 2022, KuCoin was valued at a total of $10 billion and was able to raise over $150 million in investments through a pre-Series B round. This brought the company’s total investments to $170 million when coupled with Round A investments. According to CoinMarketCap, KuCoin is now ranked as one of the top five cryptocurrency exchanges. KuCoin was recognized by Forbes as one of the best cryptocurrency exchanges for 2021. In addition, it was selected as the best cryptocurrency app for enthusiasts by The Ascent in 2022.