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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 conducted a series of POR audits for crypto exchanges such as Binance, Crypto.com and Kucoin following the FTX collapse last month.
Report in detail on 16 December 2022 that the accounting firm Mazars Group has stopped POR audits for cryptocurrency exchanges. On Friday, a spokesperson for Binance told CNBC that “Mazars has indicated that it will temporarily pause work on all of its crypto clients globally, which includes Crypto.com, Kucoin and Binance.” The spokesman added that “this means we will not be able to work with Mazars at the moment.”
The news follows lately criticism from Kraken’s Jesse Powell on November 25, and when he condemned Binance POR audited by Mazars on December 8. Binance’s POR has been in the spotlight for a while, and the company has been dealing with a lot of speculation, rumors and FUD. Furthermore, Binance experienced a significant amount of withdrawals on December 13, when more than $3 billion in funds were withdrawn from the exchange.
While Mazars does not do POR audits for crypto exchanges, the company has apparently removed Binance’s POR from the internet for now. The site now says “the server cannot be located” when someone tries to visit the Mazars-published Binance audit. At the time of writing, Crypto.com’s audit is still online and has not been removed.
The Mazars POR audit prepared for crypto exchange Kucoin is still live online as well. The difference between Crypto.com’s and Kucoin’s POR audit, compared to Binance’s POR audit, is that Crypto.com’s and Kucoin’s documents are on their own websites. The Binance audit, completed on November 22, 2022, at Bitcoin block height 764,327, was hosted exclusively on Mazar’s website. At the time of writing, Mazars Group has not commented on the situation or explained why it stopped performing POR audits for crypto firms.
What do you think about Mazars not doing audits for crypto companies and apparently removing Binance’s recent POR audit from the internet? Let us know what you think about this topic in the comments section below.
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