INdustrycTceh INsight Logo

Mazars Group suspends all creation with crypto customers, including Binance and Crypto.com

Mazars Group

December 19, 2022: -Accounting firm Mazars Group is suspending all work with its crypto customers, according to its retired client and the most significant crypto exchange in the world, Binance.

The decision to cut connections with Binance, KuCoin and Crypto.com came after the global accounting company released “proof of reserve” reports for several digital asset exchanges.

A spokesperson from Binance stated, “Mazars has shown that they will be pausing their makings with all of their crypto customers all over the world, including Crypto.com and Binance.”

“Unfortunately, it meant that we will not be working with Mazars for the moment,” Binance stated.

Bitcoin and Binance’s BNB token were on the news, with bitcoin initially dropping almost 3% and Binance’s native token falling almost 5.5%.

On December 9, Crypto.com published a proof reserving audited by Mazars that attested that the customer assets were stated on a one-to-one basis, which meant that Crypto.com’s resources fully backed all deposits. A person known to the matter for the exchange reiterated that the company had “successfully” terminated its recent evidence of reserves in collaboration with Mazars and that the accounting firm had “given independent verification of secure on-chain digital assets which match our customer balances 1:1.”

Crypto.com further said that customers could verify their balance using its site. A spokesperson stated that the firm will “continue to engage with reputable audit companies in 2023 and beyond” as they “seek to increase across the entire industry.”

Similarly, KuCoin said Mazars had already delivered its proof of reserve report. “In the future, we are open to working with any leading and reputable audit to give the third-party verification statement,” a KuoCoin said.

Mazars Group suspends all creation with crypto customers, including Binance and Crypto.com