TechFlow News, Binance co-founder and CMO, as well as head of Binance Labs, He Yi, during an online panel at the "POW'ER 2023 Hong Kong Web3 Innovators Summit," stated that Binance plans to publicly disclose proof-of-reserves for most of its coins in the future. "Reserve audits for crypto assets are not the same as financial audits for public companies—that's a different concept altogether. Currently, within the industry, only Coinbase, as a publicly listed company, has undergone such a financial audit. The Big Four accounting firms currently lack strong incentives to conduct cryptocurrency asset audits, and Binance hopes more auditing firms will step forward to take on this work."
Additionally, He Yi emphasized that Binance's $1 billion "Recovery Initiative" is not a charity program but one intended to return to commercial viability. The initiative is currently advancing two major transactions involving two cryptocurrency exchanges. Source link
