Accounting Firm Mazars Stops Proof-of-Reserve Audits for Crypto Firms, Binance Audit Removed From the Web

The accounting steadfast Mazars Group has stopped doing proof-of-reserves (POR) audits for cryptocurrency exchanges and the precocious published Binance POR has been removed from the web. Mazars was conducting a fig of POR audits for crypto exchanges similar Binance, Crypto.com, and Kucoin pursuing the FTX illness past month.

Mazars Group Pauses Crypto Company Audits, Binance POR Scrubbed From the Web

Reports elaborate connected Dec. 16, 2022, that the accounting steadfast Mazars Group has paused doing POR audits for cryptocurrency exchanges. On Friday, a Binance spokesperson told CNBC that “Mazars has indicated that they volition temporarily intermission their enactment with each of their crypto clients globally, which see Crypto.com, Kucoin, and Binance.” The spokesperson added that “this means that we volition not beryllium capable to enactment with Mazars for the moment.”

The quality follows the caller criticism from Kraken’s Jesse Powell connected Nov. 25, and erstwhile helium denounced the Binance POR audited by Mazars connected Dec. 8. Binance’s POR has been successful the spotlight for rather immoderate clip and the institution has been dealing with tons of speculation, rumors, and FUD. Furthermore, Binance experienced a important magnitude of withdrawals connected Dec. 13, arsenic much than $3 cardinal successful funds were withdrawn from the exchange.

While Mazars is not doing POR audits for crypto exchanges, for now, the institution has seemingly removed Binance’s POR from the internet. The leafage present says the “server cannot beryllium located” erstwhile idiosyncratic attempts to sojourn the Mazars-published Binance audit. At the clip of writing, Crypto.com’s audit is inactive connected the web and has not been removed.

The Mazars POR audit drafted for the crypto speech Kucoin is inactive unrecorded connected the web arsenic well. The quality betwixt Crypto.com’s and Kucoin’s POR audits, compared to Binance’s POR audit, is that Crypto.com’s and Kucoin’s documents are hosted connected their ain websites. The Binance audit, completed connected Nov. 22, 2022, astatine Bitcoin artifact tallness 764,327, was hosted solely connected the Mazars website. At the clip of writing, Mazars Group has not commented connected the concern oregon explained wherefore it stopped doing POR audits for crypto firms.

What bash you deliberation astir Mazars not doing audits for crypto companies and seemingly removing Binance’s caller POR audit from the internet? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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