The accounting firm Mazars Group has actually stopped doing proof-of-reserves (POR) audits for cryptocurrency exchanges and the just recently released Binance POR has actually been removed from the web. Mazars was carrying out a variety of POR audits for crypto exchanges like Binance, Crypto.com, and Kucoin following the FTX collapse last month.
Mazars Group Pauses Crypto Company Audits, Binance POR Scrubbed From the Web
Reports detailed on Dec. 16, 2022, that the accounting firm Mazars Group has actually stopped briefly doing POR audits for cryptocurrency exchanges. On Friday, a Binance representative informed 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 representative included that “this means that we will not be able to work with Mazars for the moment.”
The news follows the current criticism from Kraken’s Jesse Powell on Nov. 25, and when he denounced the Binance POR examined by Mazars on Dec. 8. Binance’s POR has actually remained in the spotlight for rather a long time and the business has actually been handling great deals of speculation, reports, and FUD. Furthermore, Binance experienced a substantial quantity of withdrawals on Dec. 13, as more than $3 billion in funds were withdrawn from the exchange.
While Mazars is refraining from doing POR audits for crypto exchanges, for now, the business has actually apparently removed Binance’s POR from the web. The page now states the “server cannot be located” when somebody tries to check out the Mazars-released Binance audit. At the time of composing, Crypto.com’s audit is still on the web and has actually not been removed.
The Mazars POR audit prepared for the crypto exchange Kucoin is still survive on the web also. The distinction in between Crypto.com’s and Kucoin’s POR audits, compared to Binance’s POR audit, is that Crypto.com’s and Kucoin’s files are hosted by themselves sites. The Binance audit, finished on Nov. 22, 2022, at Bitcoin block height 764,327, was hosted entirely on the Mazars site. At the time of composing, Mazars Group has actually not discussed the scenario or discussed why it stopped doing POR audits for crypto firms.
What do you consider Mazars refraining from doing audits for crypto business and apparently eliminating Binance’s current POR audit from the web? Let us understand what you consider this topic in the comments area below.
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