Mazars, the financial auditing firm behind Binance’s proof-of-reserves (PoR) audit, has suspended all work for crypto firms, according to a Binance spokesperson.
See related article: Binance “deliberately” caused FTX collapse, Kevin O’Leary claims
Fast facts
- “Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance,” a spokesperson from Binance told CNBC.
- Mazars has also deleted Binance’s PoR audit from last month, which according to Binance chief Changpeng Zhao found that the company has “absolutely no negative balances involved.”
- Mazars has yet to release an official statement.
- The development comes after Binance processed a record US$5.2 billion worth of stablecoin withdrawals on Tuesday, the exchange’s highest ever recorded by on-chain data analytics firm CryptoQuant.
- Following news of Mazars’ suspension, BNB lost 1.1% in the last hour and 5.5% in the past 24 hours, to trade at US$248.32 at 10:15 p.m. in Hong Kong, according to CoinGecko data.
See related article: Some 97% of Binance’s liabilities collateralized by Bitcoin, wrapped Bitcoin: Mazars
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://forkast.news/headlines/binances-proof-of-reserves-auditor-suspends-work-crypto-firms/
- 1
- 10
- a
- According
- After
- All
- analytics
- and
- article
- audit
- auditing
- balances
- behind
- Billion
- binance
- Bitcoin
- bnb
- caused
- Changpeng
- Changpeng Zhao
- chief
- clients
- CNBC
- CoinGecko
- Collapse
- collateralized
- COM
- crypto
- crypto firms
- Crypto.com
- data
- Data Analytics
- Development
- EVER
- financial
- Firm
- firms
- found
- from
- FTX
- ftx collapse
- Globally
- highest
- Hong
- Hong Kong
- HOURS
- HTML
- HTTPS
- in
- include
- involved
- Kong
- Kucoin
- Last
- negative
- news
- official
- On-Chain
- on-chain data
- past
- plato
- Plato Data Intelligence
- PlatoData
- POR
- proof-of-reserves
- record
- recorded
- related
- release
- spokesperson
- stablecoin
- Statement
- suspended
- suspension
- The
- their
- to
- trade
- Tuesday
- which
- will
- Work
- worth
- Wrapped
- Wrapped bitcoin
- zephyrnet
- Zhao