Binance Engages Grant Thornton Singapore for Global Accounting and Tax Advisory Services

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Binance, one of the largest cryptocurrency exchanges globally, has engaged Grant Thornton Singapore, a prominent business and professional services firm, to provide comprehensive accounting and tax advisory services. The collaboration is part of Binance’s broader efforts to enhance its financial transparency and compliance as it prepares for future audits across its global operations. In the rapidly evolving cryptocurrency market, regulatory expectations continue to rise, making such partnerships critical for long-term success.

For the 2023 financial year alone, Binance entities have completed 25 audits, each of which resulted in unqualified or “clean” opinions. These outcomes emphasise Binance’s commitment to maintaining rigorous financial governance, an important signal to both investors and regulators as the company expands internationally.

Strengthening Compliance with International Standards

Grant Thornton Singapore will be tasked with offering non-audit services, providing Binance with technical expertise in areas such as accounting, financial reporting, audit preparedness, and tax advisory. A major focus will be ensuring that Binance’s accounting practices—especially those related to cryptocurrency and non-crypto transactions—are fully aligned with International Financial Reporting Standards (IFRS).

The firm will assist in strengthening Binance’s existing accounting policies, while also improving the documentation of business transactions to ensure transparency. These steps are essential as Binance continues to grow and faces heightened regulatory scrutiny worldwide. The goal is to prepare Binance for future audits by ensuring that its financial reporting practices remain robust and in compliance with global standards.

Partnership to Enhance Financial Reporting

Chetan Hans, Head of CFO Services, ESG & Sustainability at Grant Thornton Singapore, expressed enthusiasm for the collaboration, noting that the firm’s expertise will support Binance in enhancing its accounting practices. He stated that Grant Thornton’s advisory role would be pivotal in aligning Binance’s financial reporting processes with IFRS standards, ultimately helping the company achieve its long-term financial and compliance goals.

This partnership is a key milestone for Binance as it continues to build its reputation for financial integrity and transparency while navigating the complex regulatory landscape of the cryptocurrency industry.