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The accounting firm that provides Proof of Reserves reporting for Binance is suspending service to all cryptocurrency clients

The accounting firm that provides Proof of Reserves reporting for Binance is suspending service to all cryptocurrency clients
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Mazars, the accounting firm that provided the proof-of-reserves report published by cryptocurrency giant Binance last week, has pulled the report from its website and no longer offers the service for cryptocurrency clients.

Binance, the world’s largest cryptocurrency, tweeted a link to the report in December. After 7, he tries to convince customers of his reserves the collapse of rival FTX last month.

Binance

Binance, the world’s largest cryptocurrency, is struggling to find an accounting firm to prepare a proof-of-reserve report. (Jakub Porzycki/NurPhoto via Getty Images/Getty Images)

Mazars removed the report from its website on Friday, according to The Wall Street Journal.

“Mazars has stopped providing Evidence of Reserves Reports for entities in the cryptocurrency sector due to concerns about how these reports are being understood by the public,” the accounting group said in an emailed statement. FOX Business.

Former FTX spokesman KEVIN O’LEARY says he believes BINANCE “INTENTIONALLY PUSHED FTX OUT OF BUSINESS.”

A Binance spokesperson said that Mazars “has announced that they will be temporarily suspending business with all crypto clients globally, including Crypto.com, KuCoin, and Binance. Unfortunately, this means we cannot work with Mazars at this time.”

“Ultimately, our users want to know that their funds are safe and that our business is financially strong,” Binance’s statement continued. “To that end, Binance’s capital structure is debt-free, and over the past week, Binance has undergone a stress test that should give the community extraordinary peace of mind that its funds are safe. Despite the massive withdrawals from December 12-14, 6B. net in three days we were able to get the money out, we were able to do it without stepping on it.”

Binance said it has contacted several major accounting firms, including the Big Four, who are willing to provide a proof of reserves report. The cryptocurrency exchange said the Big Four, Deloitte, Ernst & Young, KPMG and Pricewaterhouse Coopers, “are currently unwilling to conduct a PoR for a private cryptocurrency company.”

BINANCE CEO TWEETS ‘BUSINESS AS USUAL’ AFTER PAUSES USDC COINS WEDNESDAY

The cryptocurrency industry was rocked by the collapse of FTX, sending investors into a frenzy after a run on the bank showed the exchange did not have enough reserves to handle withdrawals worth nearly $40 billion at one point. The company filed for bankruptcy last month, costing its nearly one million customers around the world billions of dollars in losses.

FTX builder Sam Bankman-Fried He was arrested on Monday on several charges related to his company’s bankruptcy, which has led jurisdictions worldwide to demand greater regulations for the crypto industry — proof of reserves.

Changpeng Zhao, CEO of Binance

Binance CEO Changpeng Zhao speaks at the Delta Summit, Malta’s official Blockchain and Digital Innovation event promoting the cryptocurrency, in St Julian’s, Malta in October. 4, 2018. (REUTERS/Darrin Zammit Lupi/Reuters Images)

Binance founder and CEO Changpeng “CZ” Zhao told CNBC’s “Squawk Box” this week that “well-governed cryptocurrencies should keep users’ assets separate.”

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“People can get back 100% of the assets they own on Binance,” Zhao said. “We won’t have a problem on any given day.”

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