Accounting Firm Mazars Stops Proof-of-Reserve Audits for Crypto Firms, Binance Audit Removed From the Web

The newly publicized Binance POR has been taken down from the internet, and the accounting firm Mazars Group has stopped performing proof-of-reserves (POR) audits for cryptocurrency exchanges. Following the FTX crash last month, Mazars was doing several POR audits for cryptocurrency exchanges like Binance, Crypto.com, and Kucoin.

Mazars Group Pauses Crypto Company Audits, Binance POR Scrubbed From the Web

According to reports, the accounting firm Mazars Group reportedly stopped performing POR audits for bitcoin exchanges on December 16, 2022. A spokeswoman for Binance told CNBC on Friday: “To temporarily suspend their business with all of their international cryptocurrency clients, including Crypto.com, Kucoin, and Binance, Mazars has announced. Added the spokesman. “As a result, we will not be able to collaborate with Mazars at this time.

The news comes after Jesse Powell of Kraken recently criticized the Binance POR audited by Mazars on December 8 and November 25. The POR of Binance has been in the news for a while, and the company has had to deal with much conjecture, speculations, and FUD. Additionally, on December 13, Binance saw substantial withdrawals as more than $3 billion in funds were taken out of the exchange.

Although Mazars does not provide POR audits for cryptocurrency exchanges, the company appears to have taken Binance’s POR offline for the time being. When someone tries to access the Mazars-published Binance audit, the page suddenly states that the “server cannot be located”. The audit from Crypto.com is still available online as of this writing and has not been taken down.

Also available online is the Mazars POR audit prepared for the cryptocurrency exchange Kucoin. Compared to Binance’s POR audit, Crypto.com and Kucoin’s POR audits differ in that the documents for each company are hosted on their respective websites. The Binance audit was only hosted on the Mazars website, and it was finished on November 22, 2022, at Bitcoin block height 764,327. As of the time of writing, Mazars Group has not addressed the issue or explained why it stopped performing POR audits for cryptocurrency companies.

What do you think about Mazars not doing audits for crypto companies and seemingly removing Binance’s recent POR audit from the internet? Let us know your thoughts about this subject in the comments section below.

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