Binance's full audit of its crypto assets and liabilities is expected to take more time to complete, Binance Asia-Pacific head Leon Foong reported on Wednesday.
A full audit of Binance is still pending despite calls for more transparency following the collapse of crypto exchange FTX. Additionally, a previous proof of Binance reserves report by auditing firm Mazars was deleted after the firm suspended work for the crypto firm.
Binance Asia Pacific head Leon Foong admitted that the company needs more time to release a full audit of its crypto assets and liabilities, based on a recent report.
The crypto exchange is still looking to hire a top auditing firm to audit its entire balance sheet. However, large auditing firms are still scrutinizing the crypto market and other auditing firms are reluctant to work with crypto firms due to increased scrutiny by regulators.
"It will take longer as it is different from the traditional market because there is a learning curve."
Binance as the largest crypto exchange by trading volume is facing intense pressure from the community to increase transparency following the FTX crisis. Mazars Group released a Binance proof-of-reserves report in December, but suspended its services for the crypto firm and deleted the report due to increased scrutiny.
Binance CEO Changpeng “CZ” Zhao argues crypto audits are challenging. Meanwhile, Nasdaq-listed Coinbase's annual statement by leading audit firm Deloitte shows the large crypto exchange is auditable.
In December, Glassnode data revealed Binance's reported Bitcoin holdings in self-reported PoRs were different from the real thing. Additionally, Binance admitted to mistakenly storing collateral for some of its tokens in the same wallet as the exchange's customer funds. The exchange is working to fix the error quickly.
While other crypto firms are reducing their workforce, Binance is expanding globally. Recently, Binance acquired the South Korean crypto exchange GOPAX to re-enter the market after two years. Moreover, Binance is focused on becoming more efficient, increasing the number of employees, and identifying areas that require restructuring.
