According to the latest information, Mazars will stop all work for crypto customers. Recently, Mazars agreed with Binance for proof of reserve approval. The reason for this sudden change of decision is not yet known. Upon hearing the news, Bitcoin immediately reacted to this news.
Bitcoin (BTC) Drops Below $17,000 After News
Bitcoin (BTC), which saw above $ 18,000 after the US inflation data, saw below $ 17,000 after this news.
In a recent report, South African accounting firm Mazars stated that crypto exchange Binance.com is fully collateralized.
Binance commissioned the report to reassure customers that they have enough reserve funds to cover their holdings on the exchange at least one-to-one.
The report was met with a lot of skepticism and criticism from experts in the crypto space. First, the credibility of South African firm Mazars, which claims to employ more than 42,000 accounting professionals in 90 countries, has been questioned.
The firm has become a favorite among crypto exchanges looking to paint a picture of solvency and transparency for customers following the collapse of FTX. Crypto.com and KuCoin had hired the firm to produce their own proof-of-reserve reports.
At the time of this news, Bitcoin was trading at $ 17,020.
*Not investment advice.
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