Mazars Suspends Proof-Of-Reserves Audit Services For Crypto Exchanges

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Hervé Hélias; Photo Source: Business Day
A spokesperson for Binance claimed, “Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance.”

According to Binance’s email, auditing firm Mazars has stopped offering services to crypto exchanges. 

The webpages that earlier showed Mazars' Proof-of-Reserves (PoR) audits of Binance, Crypto.com, and KuCoin are no longer accessible. Data from Web Archive revealed the last snapshots of the web pages were saved on late December 14, implying that Mazars removed them in the last few hours.

“Unfortunately, this means that we will not be able to work with Mazars for the moment.”

Binance’s representative said the exchange has contacted other third-party accounting firms, including the Big Four, to verify its reserves. However, the Big Four have refused to conduct PoR audits on Binance. 



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Earlier, Mazars reported that Binance’s Bitcoin (BTC) reserves were overcollateralized. The report drew criticism from the crypto community as it did not consider the assets loaned to Binance’s users through margin and loan services. It also failed to include details of internal financial controls at Binance, thus contributing to a weekly outflow of $3.66B from Binance.

Mazars is not the only auditing company that has stopped serving crypto platforms. A few hours ago, sources claimed Armanino has ceased auditing crypto firms.

Written by
Ayush Pande
A spokesperson for Binance claimed, “Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance.”

According to Binance’s email, auditing firm Mazars has stopped offering services to crypto exchanges. 

The webpages that earlier showed Mazars' Proof-of-Reserves (PoR) audits of Binance, Crypto.com, and KuCoin are no longer accessible. Data from Web Archive revealed the last snapshots of the web pages were saved on late December 14, implying that Mazars removed them in the last few hours.

“Unfortunately, this means that we will not be able to work with Mazars for the moment.”

Binance’s representative said the exchange has contacted other third-party accounting firms, including the Big Four, to verify its reserves. However, the Big Four have refused to conduct PoR audits on Binance. 



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Earlier, Mazars reported that Binance’s Bitcoin (BTC) reserves were overcollateralized. The report drew criticism from the crypto community as it did not consider the assets loaned to Binance’s users through margin and loan services. It also failed to include details of internal financial controls at Binance, thus contributing to a weekly outflow of $3.66B from Binance.

Mazars is not the only auditing company that has stopped serving crypto platforms. A few hours ago, sources claimed Armanino has ceased auditing crypto firms.

Written by
Ayush Pande