Accounting firm Mazars Group has suspended all work with cryptocurrency clients, according to former client Binance, the world’s largest cryptocurrency exchange. The decision to cut ties with Binance, KuCoin and Crypto.com came shortly after the global accounting firm released a “proof of reserves” report for several digital asset exchanges.
A Binance spokesperson told CNBC, “Mazars has indicated that it is temporarily suspending work with all cryptocurrency clients worldwide, including Crypto.com, KuCoin and Binance.” .
“Unfortunately, this means that we will not be able to work with Mazars for the foreseeable future,” said Binance.
The Mazars Group did not immediately respond to a request for comment.
both Bitcoin Binance’s BNB token plummeted on the news, with Bitcoin initially dropping nearly 3% and Binance’s native token dropping nearly 5.5%.
On December 9th, Crypto.com released evidence of its reserves audited by Mazars. This proves that customer assets are held 1:1, i.e. all deposits are 100% backed by Crypto.com reserves. A spokesperson for the exchange said the company had “successfully” completed a recent proof of its reserves in collaboration with Mothers, and that the accounting firm had “a secure on-chain digital asset that matches customer balances one-for-one.” provided independent verification.”
Crypto.com added that customers can check balances using its site. A spokesperson said the company “seeks to increase transparency across the industry” and therefore “will continue to work with reputable audit firms beyond 2023.”
KuCoin said evidence of the reserve report has already been delivered by Mazars. A KuoCoin spokesperson said, “In the future, we are willing to work with major and reputable auditors to provide third-party verification reports.”
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