No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Coinjournal’s Dan Ashmore told CNBC that the audit report by the cryptocurrency exchange was not actually an audited report.
Analysts noted that the report only shows the assets held by the exchange and did not reveal the company’s liabilities.
Several exchanges, including Binance and OKX, have published evidence of reserve reports in the past few months.
Coinjournal cryptocurrency analyst Dan Ashmore said: told CNBC In a recent interview, the audit report by the cryptocurrency exchange was not entirely accurate.
Last month, accounting firm Mazars Group suspend all work with that crypto client containing binance, KuCoin, Crypto.com. When asked about the move, Ashmore said the move was disappointing for the crypto industry.
“Unfortunately, but not surprisingly, when you look at these audit reports, they weren’t audits. It was essentially a reserve statement. But there was no mention of debt. You can’t do an audit without mentioning that these proofs of reserves have to be a proper audit.”
Ashmore added that a third-party entity would have to look into these centralized exchanges and conduct a financial evaluation. However, due to the lack of detailed information, we are unable to do so at this time.
Since the collapse of the FTX cryptocurrency exchange in November 2022, centralized cryptocurrency exchanges have released evidence of their reserves to show users that they have assets on their platforms.
Earlier this week, the OKX crypto exchange We issued a stockpiling proof reportThe report reveals that the exchange has assets totaling $7.5 billion in reserves that do not include the native token OKB.
