Mazars ceases all work with crypto clients including Binance, Crypto.com

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Auditing firm Mazars Group has halted all work with its crypto clients, according to its former client and the world’s largest crypto exchange, Binance. The decision to sever ties with Binance, KuCoin and Crypto.com comes shortly after the global accounting firm released Proof of Reserve reports for several digital asset exchanges.

A Binance spokesperson told CNBC in a statement, “Mazars has indicated that they will be temporarily pausing their work with all of their crypto clients globally, including Crypto.com, KuCoin and Binance.”

“Unfortunately, this means we are unable to work with Mazars at the moment,” Binance said.

Mazars Group did not immediately respond to a request for comment.

Both Bitcoin and Binance’s BNB token suffered a news slump, with Bitcoin initially falling nearly 3% and Binance’s native token nearly 5.5%.

On Dec. September, Crypto.com released a Mazars-audited proof of reserves, certifying that clients’ assets were held on a one-to-one basis, meaning that all deposits were 100% backed by Crypto .com were covered. A spokesman for the exchange reiterated that the firm had “successfully” completed its recent proof of reserves in partnership with Mazars and that the accounting firm had “provided an independent verification of our secure on-chain digital assets that matched 1:1 with our client balances.” .

Crypto.com added that customers can check their balance through their website. A spokesman said the firm will “continue to work with reputable accounting firms in 2023 and beyond” as they “look to increase transparency across the industry.”

KuCoin said its Proof of Reserve report has already been provided by Mazars. “In the future, we are willing to work with any leading and reputable audit to provide the third-party verification report,” said a KuoCoin spokesman.

This story evolves. Please check again for updates.

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