French Accounting Firm Mazars: halts partnership with crypto firms
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The French accounting firm Mazars has halted all work with cryptocurrency businesses like Binance, KuCoin, and Crypto.com. Mazars is a global business that specializes in audit, tax, and advisory services. Additionally, Mazars removed all news stories about cryptocurrencies from its primary website. According to a report on Decrypt, Binance will concentrate on strengthening user communication and transparency in the upcoming months.
French Accounting Firm Mazars Paused Work for Crypto All Crypto Clients (Image source: CEOWORLD)
Mazars acknowledged and informed Yahoo Finance of the following fact:
“Proof of Reserves Reports are performed in accordance with Reporting Standards relevant to an Agreed Upon Procedures report. They do not constitute either an assurance or an audit opinion on subject matter. Instead they report limited findings based on the agreed procedures performed on the subject matter at a historical point in time.”
In essence, Mazars is concerned that the general public's impression of Proof of Reserves Reports for cryptocurrencies, which don't represent an audit opinion or a guarantee, may vary. The native coin of Binance, BNB, reacted to the news right away. According to MEXC Global, the price of BNB fell 5.69%, reaching a 24-hour low of $240.29. BNB's performance dropped by 15.65% the week of December 12.
In addition to Mazars stopping their partnership with Binance, the exchange has recently had a lot on their plate. On Tuesday, Binance saw $3 billion in withdrawals, and that same day, the business briefly stopped all USDC withdrawals. Can Binance fend off an attack of dread, doubt, and uncertainty?
Final Reflections
In reaction to Mazars' claim, Binance CEO CZ tweeted that blockchains are "the most auditable ledger." The bitcoin community has criticized the exchange's Proof of Reserves report because it contains mistakes. In the end, researchers think Binance hid its obligations and only briefly revealed its assets to the general public.
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