As a seasoned crypto investor with a knack for navigating through the complexities of this ever-evolving digital frontier, I find the partnership between Binance and Grant Thornton Singapore a highly encouraging move.
As an analyst, I’m sharing that I, in turn, am part of Binance – the leading global cryptocurrency exchange – have made a strategic move towards boosting our financial openness by teaming up with Grant Thornton Singapore
Through this strategic partnership, the Singapore branch of a leading UK accounting firm will now serve as Binance’s primary consulting partner for accounting and tax matters. This decision reflects Binance’s dedication towards maintaining regulatory compliance, especially as they face increased examination by international regulatory bodies
Binance has entered into a partnership with Grant Thornton to receive guidance on technical accounting, financial reporting, audit readiness, and tax issues. This collaboration aims to improve Binance’s financial management by adhering to International Financial Reporting Standards (IFRS) and making the exchange ready for future audits. This move is considered a significant step towards earning trust from both regulators and investors
In the past, Binance had partnered with a well-known international auditing firm, Mazars, to create Proof-of-Reserve (PoR) reports. However, Mazars chose to discontinue this collaboration due to concerns over public opinion regarding the results
At this point, Binance finds itself embroiled in multiple regulatory disputes across various regions. Specifically, there are ongoing legal discussions concerning the imprisonment of a high-ranking official in Nigeria for over six months
In spite of the difficulties, Binance is still growing its business, most recently entering into the derivatives market in South Africa
Kaiser Ng, Binance’s Senior Vice President of Finance, emphasized the importance of the partnership, stating that it would help Binance align with traditional financial business practices, enhance the openness of its operations, and streamline them for easier understanding by global regulatory bodies
Chetan Hans from Grant Thornton expressed enthusiasm regarding the partnership as well, highlighting how their involvement would enhance Binance’s transparency and commitment to regulatory compliance
This partnership with Grant Thornton Singapore is expected to play a vital role in maintaining investor confidence and ensuring Binance’s continuous success in the rapidly changing cryptocurrency industry
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2024-09-04 22:28