Binance announced the appointment of Grant Thornton Singapore to provide global accounting and tax advisory services. Grant Thornton will help Binance align its accounting policies with International Financial Reporting Standards (IFRS) and improve its accounting practices.
According to a press release by Binance, the company has completed 25 audits in 2023, all of which received unqualified opinions, indicating that its financial statements are accurate and compliant. Grant Thornton Singapore will assist Binance in preparing for future audits.
Grant Thornton's role includes providing advice on technical accounting, financial reporting, audit preparedness, and tax matters. This partnership aims to further strengthen Binance’s accounting practices and documentation of both cryptocurrency and non-crypto-related transactions.
"[The collaboration is] an important step in building trust in our accounting processes and giving us a huge boost in preparing for future audits," said Kaiser Ng, Binance’s finance senior vice president. "Over the last few years, as Binance continues to mature and evolve as a financial institution, it has made significant changes to its governance and business structures that are more in line with traditional financial businesses. We expect these changes to provide confidence and help make Binance’s business more transparent and easier for global regulators to understand as we continue to grow."
Binance operates as a major global blockchain platform, featuring the largest digital asset exchange by trading volume. The company offers a wide range of financial products and services and is known for its comprehensive ecosystem, which includes educational resources, research, charitable initiatives, and an NFT marketplace. According to Binance, the platform supports users around the clock in 40 languages and prioritizes security and regulatory compliance to protect its users and contribute to the growth of the blockchain industry. In 2022, the platform saw significant activity, with an average daily trading volume of $65 billion and 300 billion spot transactions.