According to TechFlow, on September 4, Coindesk reported that Binance announced that it had hired British accounting firm Grant Thornton to provide accounting and tax consulting services. A Binance spokesperson said that Grant Thornton will assist Binance in handling technical accounting, financial reporting, audit preparation and taxation related matters. Grant Thornton previously provided services to stablecoin issuer Circle.
Since the collapse of FTX, there has been a growing demand in the cryptocurrency industry for exchanges to provide regular proof of reserves. However, proof of reserves only shows a snapshot of an exchange's balance sheet at a specific point in time, which may be flawed. As a result, customers are now demanding that cryptocurrency exchanges provide real financial audits. Binance said that Grant Thornton will assist exchanges in preparing for such audits, but will not directly serve as Binance's auditor.
