Colin Wu Responds to Binance's POR Audit Announcement

Chinese journalist Colin Wu took to his Twitter account to respond to Wu Blockchain Binance's announcement that the company has pooled funds from customers' wallets "for [their] next phase of POR verification." 

 Wu tweeted that the use of the word "review" is imprecise when an exchange conducts a FOR review:

According to  reports, Binance has been audited by Mazars, a global audit, tax and advisory firm. The company noted in reports that "during the evaluation, Mazars found that the assets under control of  the  Binance exchange exceeded 100% of the total liabilities of the platform." 

 In particular, Wu noted that Mazars "is involved in the engagement of the AUP" and referred to a statement in the final report of the International Standard on Related Services 4400 (ISRS 4400) to support his view that "audit" is not the right word. . there: 

 Determination of the agreed measures is not a function of audit, inspection or other assurance. An agreed procedural assignment does not include obtaining any form of evidence to express a practitioner's opinion or assurance. 

 On December 9th, Binance tweeted that ETH gas fees and transactions in "Binance hot wallets" will increase due to community awareness due to the audit. 

 It is significant that many questions and concerns have arisen among investors about the post. Some  tweeters questioned whether this was a clear sign of trouble, citing Binance's earlier tweet  in which the CEO stated that "if an exchange has to move large amounts of crypto before or after showing a wallet address, it's a clear sign of trouble ."

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