TechFlow news, September 4 — According to CoinDesk, Binance announced it has hired UK-based accounting firm Grant Thornton to provide advisory services on accounting and tax matters. A Binance spokesperson said Grant Thornton will assist Binance with technical accounting, financial reporting, audit preparation, and tax-related tasks. Grant Thornton previously provided services to stablecoin issuer Circle.
Since the collapse of the FTX exchange, there has been growing demand in the cryptocurrency industry for exchanges to provide regular proof of reserves. However, proof of reserves only offers a snapshot of an exchange's balance sheet at a specific point in time and may have limitations. As a result, customers are now demanding full financial audits from crypto exchanges. Binance stated that Grant Thornton will help prepare the exchange for such audits but will not serve directly as Binance’s auditor.
