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Mazars’ departure doesn’t mean, however, that conventional auditors cannot examine the books at crypto firms. Coinbase is a publicly traded company in the U.S., and so – as it must – the company releases full-fledged reports about its finances, audited by one of the largest accounting firms in the world:
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The accounting firm Mazars Group has stopped doing proof-of-reserves (POR) audits for cryptocurrency exchanges and the recently published Binance POR has been removed from the web. Mazars was conducting a number of POR audits for crypto exchanges like Binance, Crypto.com, and Kucoin following the FTX collapse last month. Mazars Group
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The Bitcoin price has once again fallen below the $17,000 mark after it became known that the auditing firm Mazars will pause its work with Binance. Already in the last few days, rumors and FUD about Binance intensified. As NewsBTC reported, investors are worried that Binance is not keeping enough reserves
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Bitcoin (BTC), the leading cryptocurrency by market value, fell 2% to $16,950, extending a retreat from the one-month high of $18,300 reached Wednesday. Ether (ETH), the second-largest cryptocurrency, fell 4.3% to $1,210, hitting the lowest since Nov. 29, CryptoX data show. Source
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"Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance. Unfortunately, this means that we will not be able to work with Mazars for the moment," a Binance spokesperson said. The suspension was reported earlier by Bloomberg. Original
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This week two cryptocurrency exchanges provided proof-of-reserves in order to highlight that the trading platforms are backing customer assets 1:1. Binance published its report on Dec. 7, 2022, and detailed the global auditor Mazars Group conducted the audit. On Dec. 9, 2022, the exchange Crypto.com published proof-of-reserves records and the
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According to a new document published on Dec. 7, South-African auditor Mazars confirmed that cryptocurrency exchange Binance possessed control over 575,742.42 of customers' Bitcoins (BTC) worth $9.7 billion at the time of publication. Through the process, Mazars stated that "Binance was 101% collateralized."The scope of the inquiry included customers' spot,
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Crypto exchange KuCoin hired the international accounting firm Mazars for a third-party audit of its proof of reserves (PoR). According to an announcement on Dec. 5, the verification will provide the exchange customers additional transparency and reporting on whether their in-scope assets are collateralized, along with details on main, trade, margin,
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