The accounting firm Mazars Group, which checked out Binance’s proof-of-reserve, has stopped working with all of its crypto clients. Binance, KuCoin, and Crypto.com are the final clients of the move.
According to CNBC, the accounting firm’s audit reports “are understood by the public” prompted the move. It explained that reports on proof of reserves are only completed in accordance with the relevant Reporting Standards for an Agreed-Upon Procedures report.
This implies that the reports just convey restricted discoveries in view of the concurred technique. Mazars added that they also do not constitute an insurance or audit opinion on the subject.
The five-page Binance proof-of-reserve report that Mazars’ South African branch posted on its website has also been removed. Additionally, the webpage it created for users to verify Binance’s reserve has been removed.
CNBC has been informed by representatives from Binance, Crypto.com, and KuCoin of the development. According to the spokesperson for Binance, the exchange is considering hiring additional accounting firms to continue its audits.