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.

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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.

“Mazars has stated that it will temporarily discontinue work with all crypto clients globally, which includes, 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, 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.

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