The audit company Mazars, which previously confirmed the adequacy of Binance reserves, removed links to previously published reports and announced the termination of services for all crypto clients.
Accounting group Mazars has removed the Binance cryptocurrency exchange reserves report from its website last week. The company said it no longer provides audit services to crypto clients, including Crypto.com, KuCoin, and Binance.
“Mazars has suspended its activities related to the provision of reserve confirmation reports to entities in the cryptocurrency sector due to concerns about how these reports are understood by the public,” Mazars said in a statement.
A Binance spokesperson said that since the exchange will no longer be able to work with Mazars, the crypto company has approached several major accounting firms, including the Big Four, in search of an auditor willing to provide a proof of reserve report.
Binance said the Big Four, which includes Deloitte, Ernst & Young, KPMG, and PwC, are “currently unwilling to conduct a reserve test for a private cryptocurrency company.”
Former Chief Auditor of the U.S. Public Company Accounting Oversight Board, New York Baruch College Accounting Professor Douglas Carmichael argues that the Binance reserve report previously published on behalf of Mazars is not an audit opinion.
Source: Bits
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