Global accounting firm Mazars is pausing its work with all cryptocurrency clients worldwide, soon after it published several “proof of reserve reports” for digital-asset platforms.
Earlier this month, a five-page letter from a partner at the South African affiliate of Mazars reported on the crypto exchange Binance’s bitcoin assets and bitcoin liabilities.
The letter wasn’t an audit report, didn’t address the effectiveness of the company’s internal financial-reporting controls, and said Mazars did “not express an opinion or an assurance conclusion,” meaning it wasn’t vouching for the numbers.
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Mazars has done similar proof-of-reserves reports for rival exchanges Crypto.com and KuCoin. Those two exchanges didn’t immediately respond to requests for comment.
“Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance. Unfortunately, this means that we will not be able to work with Mazars for the moment,” a Binance spokesman said in a statement on 16 December.
The Mazars report on Binance’s bitcoin assets was no longer viewable on the accounting firm’s website as of 16 December.
This article was published by The Wall Street Journal, part of Dow Jones