Binance Appoints Grant Thornton Singapore as Global Accounting and Tax Advisor

Main Takeaways

• Binance has appointed Grant Thornton Singapore to provide global accounting and tax advisory services.

• Grant Thornton will assist Binance in aligning its accounting policies with International Financial Reporting Standards (IFRS), enhancing Binance's existing accounting policies.

• Binance entities have completed 25 audits for 2023, all receiving an unqualified opinion, which indicates that the company’s financial statements are accurate and fair.

We are excited to announce the appointment of Grant Thornton Singapore, a leading business and professional services firm, as our global accounting and tax advisor. This strategic move is designed to bolster Binance's financial governance as we prepare for future audits of our global businesses. 

Enhancing Accounting Policies 

For the 2023 financial year alone, Binance entities have completed 25 audits, all of which received an unqualified (clean) opinion, underscoring the company's commitment to transparency and regulatory compliance. An unqualified opinion is the most desirable outcome of an audit, representing an independent auditor's judgment that a company's financial statements are fairly and appropriately presented.

Grant Thornton Singapore will help to further strengthen Binance’s accounting practices by providing a range of professional non-audit and non-assurance services, including advising on technical accounting, financial reporting, audit preparedness, and tax matters. 

Specifically, Grant Thornton will assist Binance in aligning its accounting policies and documenting both cryptocurrency and non-crypto-related transactions in accordance with International Financial Reporting Standards (IFRS) as Binance prepares for future audits.

Binance’s Evolving Financial Business

This partnership is a significant step in enhancing Binance's existing accounting policies and ensuring robust documentation of business transactions.

Kaiser Ng, Binance’s Senior Vice President of Finance, emphasized the importance of this collaboration, calling it “an important step in building trust in our accounting processes and giving us a huge boost in preparing for future audits.”

He added, “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.”

Chetan Hans, Head of CFO Services, ESG & Sustainability at Grant Thornton, remarked, “We are excited to work with Binance to enhance their accounting policies. As advisors, we will be helping Binance in its commitment to aligning its accounting policies with IFRS standards, and we are eager to support Binance's management in achieving this goal.”

Binance's partnership with Grant Thornton Singapore marks a major step in enhancing its financial governance and transparency. By aligning its accounting policies with IFRS standards and preparing for future audits, Binance is not only building trust but also paving the way for greater regulatory compliance.

Further Reading

• Binance Prevents $2.4 Billion in Potential User Losses in 2024 So Far

• Binance Secures Over $73M in Funds Stolen from External Parties

• Noah Perlman: Building a Culture of Compliance at Binance