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

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Accounting firm Mazars Group has stopped doing proof of reserves (POR) audits for cryptocurrency exchanges and the recently released Binance POR has been removed from the web. Mazars was conducting a number of POR audits for crypto exchanges like Binance, Crypto.com and Kucoin after FTX collapsed last month.

Mazars Group Suspends Crypto Firm Audits, Binance POR Wiped From Web

Detailed reports on December 16, 2022 indicate that accounting firm Mazars Group suspended POR audits for cryptocurrency exchanges. On Friday, a Binance spokesperson told CNBC that Mazars has indicated that it will temporarily suspend work with all of its crypto clients globally, including Crypto.com, Kucoin and Binance. The spokesperson added that this means that we will not be able to work with Mazars at this time.

The news follows recent criticism by Krakens Jesse Powell on November 25, and when he denounced Binance POR audited by Mazars on December 8. Binances POR has been in the spotlight for quite some time and the company is facing a lot of speculation, rumors and FUD. Additionally, Binance saw a significant number of withdrawals on December 13, when more than $3 billion in funds were withdrawn from the exchange.

Although Mazars does not perform POR audits for crypto exchanges, for now the company has apparently removed Binances POR from the internet. The page now shows that the server cannot be found when someone tries to visit the Binance audit published by Mazars. As of this writing, the Crypto.coms audit is still on the web and has not been removed.

The Mazars POR audit written for the Kucoin crypto exchange is also still live on the web. The difference between the Crypto.coms and Kucoins POR audits, compared to the Binances POR audit, is that the Crypto.coms and Kucoins documents are hosted on their own websites. The Binance audit, completed on November 22, 2022, at the height of Bitcoin block 764,327, was hosted solely on the Mazars website. As of this writing, the Mazars Group has not commented on the situation or explained why it has stopped doing POR audits for crypto companies.

Tags in this story audits, Binance, Binance Audit, Binance Exchange, Binance Reserves, Bitcoin, crypto assets, crypto companies, Crypto.com, FUD, Jesse Powell, Kraken Exec, KuCoin, Mazars, Mazars Group, Binance Audit Posted by Mazars , PoR , evidence of reserves, rumours, speculation, withdrawals

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

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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