Mazars, which provides auditing services for proof of reserve to many crypto exchanges, including the world’s largest exchange Binance, announced that it has suspended its activities in the crypto markets.
According to Bloomberg’s report, among its customers Binance, Kucoin and Crypto.com audit firm with leading stock exchanges such as mazars, suspended all its services, including proof of reserve. Mazars has also removed the report that Binance’s reserves are correctly collateralized. In addition, Kucoin Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC) and USDT removed from the site in the report that all of its reserves are collateralized.
Mazars submitted the report of its reserves to Binance last week, but many speculations cast a shadow over this report. Financial Accounting Standards Board (FASB) a former member of the audit firm Mazars’ report on the quality of internal controls and the margin credits of Binance’s systems. lacks information on how he liquidated assets stated, and therefore to investors does not give confidence about the financial situation of the stock market he had said.
On the other hand, the former executive chief of the SEC John Reed Stark He also stated that the report “does not address the effectiveness of internal financial controls, does not express an opinion or assurance, and does not vouch for the figures”.
Leading company also withdraws from the crypto industry
Right after this news FTX, OKX and Gate.io one of the leading companies of the market that controls the reserves in the stock markets such as Armanino It has also been reported that it has decided to terminate its services in the crypto sector.
It is thought that Mazars probably decided to withdraw from the cryptocurrency market after all these speculative events. It’s no surprise that a similar organization, Armanino, followed suit. The reserve proof process of the stock markets, which is one of the most critical issues of recent days. While we are facing a new problem, there has not been any new statement from the exchanges about which neutral company will be agreed for this business, especially Binance.
According to analysts, these negative events regarding the proof of reserve also affected the price of Bitcoin. CoinGecko with the developments according to the data received by 17,000 dollars falling below the level bitcoin, in the last 24 hours at the time of writing 3.7% depreciation with 17,008 dollarstraded from.