The CEO of the world’s largest cryptocurrency exchange, Binance, has made an important announcement. Binance is working on strengthening its foundations in the West. The post Binance CEO CZ: We’ve Shared for the First Time, We Will Do This Regularly! appeared first on COINTURK NE...
Binance Financial Statements
Binance France has today released its first audited financial statements. These statements will be published annually in accordance with local regulatory and legal requirements. These initial audited financial statements cover a 14-month period from November 8, 2021, when the company was founded, to the end of the fiscal year on December 31, 2022.
Binance Issues/Answers
Unlike the four major popular firms, the auditing was carried out by a company called RSM. The report states the following:
“RSM is a leading auditing, consulting, and tax firm with a strong reputation, presence in 120 countries worldwide, and a global team of 57,000 people. This is why Binance France chose RSM as its independent auditor.”
Binance France has only started generating revenue from its users since mid-2022. The following response was provided regarding this:
“After obtaining registered company status, Binance France was able to provide services to French residents in compliance with French regulations. Through Binance France, French Binance users interact directly with a local, regulated, and audited organization.”
So, the burning question is, doesn’t Binance Global need to be audited? The announcement provides the following response:
“Audit requirements are generally determined by local laws and regulations. Any Binance entity that is required to be audited complies with its obligations. Binance France is not the only audited Binance entity. While private companies in many countries are not required to prepare financial statements, we believe that there is market demand for more transparency regarding entrusted assets. Therefore, we have developed the Proof of Reserves, which allows all our users to confirm that their assets are held on a 1:1 basis.”