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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 said in a statement to CNBC that “Mazars has indicated that they will temporarily cease their work with global crypto clients, which include 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 of them bitcoin and Binance’s BNB token fell on the news, with bitcoin initially down nearly 3% and Binance’s native token down about 5.5%.

On December 9, Crypto.com published proof of reserves audited by Mazars, which confirms that client assets are held on a one-to-one basis, meaning that all deposits are 100% backed by Crypto.com’s reserves. : A spokesman for the exchange reiterated that the company had “successfully” completed its latest proof of reserves in partnership with Mazars, and that the accounting firm had “provided an independent verification of our secure network digital assets that match our clients’ balances 1:1”.

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

KuCoin said its backup report has already been submitted by Mazars. “In the future, we are open to working with any leading and reputable audit to provide a third-party verification report,” a KuoCoin spokesperson said.

This story is developing. Please check back for updates.

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