Binance Signals Full Audit for Crypto’s Biggest Exchange Remains Some Way Off – Bloomberg

Binance, the world’s largest digital-asset exchange, indicated a full audit of its assets and liabilities is some way off amid calls for more transparency following the collapse of rival FTX.

The company’s goal is to hire an auditor for the whole balance sheet but big accountants are still learning about the crypto sector, which lacks agreed standards for challenges like price volatility, Binance’s Asia-Pacific head Leon Foong said. Leon FoongSource: Binance

“It’ll take a longer time,” Foong said in an interview. “It shows you the limitations of the more traditional industries because there is a learning curve. Number one, it’s not their core competence. And number two, obviously there’s a lot of scrutiny if they get it wrong.”

Source: Binance Signals Full Audit for Crypto’s Biggest Exchange Remains Some Way Off – Bloomberg