Colin Wu Responds to Binance’s Notification on POR Audit

Colin Wu Responds to Binance’s Notification on POR Audit

• Binance announced the company’s POR audit, during which the customers’ funds would be transferred to the company’s hot wallet.
• Colin Wu responded to the tweet commenting the word audit is not accurate while the company is on POR verification.
• He added that Mazars is involved in AUP engagement, and AUP cannot be considered to be an audit.

Colin Wu, the Chinese Reporter, on his Twitter account, Wu Blockchain, responded to Binance’s announcement that the company has been consolidating funds from the customers’ wallets for the “next phase of our [their] POR audit”.

Wu tweeted that the use of the word “audit” is inaccurate while the exchange conducts POR verification:

It is important to note that the use of the word “audit” is inaccurate when Binance and other exchanges conduct POR verification. Audit firm Mazars is involved in the AUP engagement, «An agreed-upon procedures engagement is not an au …

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