Audit Firm Mazars Group Suspends All Work With Crypto Clients
The auditing firm Mazars Group has suspended proof-of-reserves (POR) audits for cryptocurrency exchanges, and the recently published Binance POR has been removed from the web. Mazars was conducting several POR audits for crypto exchanges like Binance, Crypto.com, and Kucoin following the FTX collapse last month.
Mazars Group has Stopped Audits at Binance, Crypto.com, and Kucoin
The
auditing firm Mazars Group has reportedly stopped POR audits for
cryptocurrency exchanges. A spokesperson for Binance told CNBC
on Friday 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 concluded that "this means
that we will not be able to work with Mazars for the moment."
The
news follows the recent criticism from Kraken’s Jesse Powell on November 25, when he denounced the Binance POR audited by Mazars on December
8. Binance’s POR has been in the spotlight, and the company has been facing
speculation, rumors, and FUD. The global crypto exchange witnessed significant
withdrawals on December 13, as more than USD 3 billion in funds were withdrawn.
Binance Audit Removed From the Web
Mazars
has suspended POR audits for crypto exchanges, and the company has
removed Binance’s POR from the internet. The page has been redirected to
"server cannot be located" when someone attempts to visit the
Mazars-published Binance audit. However, Crypto.com’s audit report has not been removed from the
site.
The Mazars POR
audit report for the crypto exchange Kucoin is also available
on the web. The difference is that Crypto.com’s and Kucoin’s documents are
hosted on their websites. The Binance audit was completed on November 22, 2022,
at a Bitcoin block height of 764,327, and hosted solely on the Mazars website.
Mazars Group has not explained why it stopped
doing POR audits for the crypto firms.
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