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

The accounting agency Mazars Group has stopped doing proof-of-reserves (POR) audits for cryptocurrency exchanges and the just lately printed Binance POR has been faraway from the online. Mazars was conducting plenty of POR audits for crypto exchanges like Binance, Crypto.com, and Kucoin following the FTX collapse final month.

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

Reports detailed on Dec. 16, 2022, that the accounting agency Mazars Group has paused doing POR audits for cryptocurrency exchanges. On Friday, a Binance spokesperson told CNBC that “Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, Kucoin, and Binance.” The spokesperson added that “this means that we will not be able to work with Mazars for the moment.”

The information follows the current criticism from Kraken’s Jesse Powell on Nov. 25, and when he denounced the Binance POR audited by Mazars on Dec. 8. Binance’s POR has been within the highlight for fairly a while and the corporate has been dealing with a lot of hypothesis, rumors, and FUD. Furthermore, Binance experienced a major quantity of withdrawals on Dec. 13, as greater than $3 billion in funds have been withdrawn from the trade.

While Mazars is just not doing POR audits for crypto exchanges, for now, the corporate has seemingly eliminated Binance’s POR from the web. The web page now says the “server cannot be located” when somebody makes an attempt to go to the Mazars-published Binance audit. At the time of writing, Crypto.com’s audit remains to be on the internet and has not been eliminated.

The Mazars POR audit drafted for the crypto trade Kucoin remains to be stay on the internet as nicely. The distinction between Crypto.com’s and Kucoin’s POR audits, in comparison with Binance’s POR audit, is that Crypto.com’s and Kucoin’s paperwork are hosted on their very own web sites. The Binance audit, accomplished on Nov. 22, 2022, at Bitcoin block peak 764,327, was hosted solely on the Mazars web site. At the time of writing, Mazars Group has not commented on the scenario or defined why it stopped doing POR audits for crypto companies.

What do you consider Mazars not doing audits for crypto corporations and seemingly eradicating Binance’s current POR audit from the web? Let us know what you consider this topic within the feedback part beneath.