Mazars stops providing accounting services to crypto exchanges

The French company that was at the forefront of providing "proof of reserves" has announced that it is ceasing operations, Binance said.

The French auditing firm Mazars Group has suspended operations for all its clients in cryptocurrencies worldwide, according to the exchange Binance, which was its client.

- Advertisement -

“Mazars has stated that it will temporarily discontinue work with all crypto clients globally, which includes Crypto.com, KuCoin and Binance. Unfortunately, this means we will not be able to work with Mazars for the time being,” a spokesperson for the company told Bloomberg News via email on Friday.

Mazars, Crypto.com and Kucoin did not immediately respond to requests for comment. Bitcoin fell as much as 2.4% to $16,978 after Binance’s statement.

Paris-based Mazars has been at the forefront in terms of so-called “proof of stock” reports for companies like Binance and other major exchanges since the FTX collapse in November.

However, the proof of stock reports have come under criticism as they are not a full audit. They only show a firm’s assets, not its liabilities, and serve as “snapshots” of when the data was received.

“We embrace the need for additional transparency and are looking at how best to provide this detail in the coming months,” the Binance spokesperson added.

Previous Articles:

- Advertisement -

Latest

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Ethereum Bullish Patterns Signal Altseason, 55% Rally Possible

Ethereum is showing two bullish chart patterns against Bitcoin, indicating a possible 30–55% price increase. Crypto analysts say an ETH/BTC rally could spark a broad...

Must Read

This is How to Buy and Sell Bitcoin

Now more than ever, there are a variety of ways to enter and exit the crypto market. While this is good, the availability of...