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

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Accounting firm Mazars Group has suspended all work with its crypto clients, according to its former client and the world’s largest crypto exchange, Binance. The decision to cut ties with Binance, KuCoin and Crypto.com comes just after the global accounting firm released “proof of reserve” reports for several digital asset exchanges.

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

“Unfortunately, this means that we will not be able to work with Mazars at this time,” Binance said.

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

Both bitcoin and Binance’s BNB token plunged in the news, with bitcoin initially falling almost 3% and Binance’s native token nearly 5.5%.

On Dec. 9, Crypto.com released proof of reserves verified by Mazars, evidencing that client assets were held on an individual basis, meaning all deposits were 100% backed by Crypto.com’s reserves. A spokesperson for the exchange reiterated that the company had “passed” its recent proof of reserves in conjunction with Mazars and that the accounting firm had “provided independent verification of our secure on-chain digital assets matching our client balances. 1:1″.

Crypto.com added that customers can check their balance using its site. A spokesperson said the company “will continue to engage with reputable audit firms in 2023 and beyond” as they “seek to increase transparency across the industry”.

KuCoin said its Proof of Reserve report had already been provided by Mazars. “Going forward, we are open to work with any leading and reputable audit to provide the third-party verification report,” a KuoCoin spokesperson said.

This story is developing. Please check for updates.

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