KuCoin, a Seychelles-based cryptocurrency exchange, on Monday released its proof of reserves report issued by third-party auditor Mazars, which concluded that the exchange’s Bitcoin, Ether, USDT and USDC reserves are overcollateralized.
See related article: Some 97% of Binance’s liabilities collateralized by Bitcoin, wrapped Bitcoin: Mazars
- KuCoin’s BTC reserve had a collateralization ratio of 101%, while stablecoins USDT and USDC were overcollateralized by 102% and 101%, respectively, according to a Nov. 26 snapshot of the exchange’s reserves and liabilities reviewed by Mazars, the France-based accounting firm that audited cryptocurrency exchange Binance’s recent proof of reserves.
- KuCoin’s Ether reserve was collateralized at 100% at the time of the snapshot, Mazars found.
- Exchanges have been scrambling to publish proofs of reserves over the past month to promote safe custody of customer assets since the collapse of FTX damaged the reputation of centralized exchanges.
- Binance, the world’s largest centralized crypto exchange by trading volume, last week released its Mazars-audited report claiming some 97% of its crypto liabilities are collateralized by Bitcoin and Wrapped Bitcoin.
See related article: CZ says Binance has ‘no negative balances involved’ in proof of reserves