Evidence of Binance and Crypto.com Backup Auditor Closes Crypto Business
Mazars, a firm specializing in corporate auditing, has announced that it has stopped working for clients in the cryptocurrency industry. In particular, he conducted checks on the proof of reserves of Crypto.com, Kraken, and especially the recently declassified Binance exchange platforms.
Mazars is leaving Binance
The information was confirmed by Binance in an email statement today. An internationally renowned French firm specialized in business auditing, Tombsannounced suspension of activities in the cryptocurrency sector and deletion of the report on the Binance platform.
It should be recalled that centralized exchanges were pushed due to the fall of FTX Prepare backup proof. This process consists of deliver wallet addresses transparently of the company to prove that the customers’ funds are actually there.
Binance, which was later plunged into a media frenzy amid bankruptcy and legal investigation, published its proof of reserve last week. As with Crypto.com and Kraken before it, Changpeng Zhao’s platform went through Mazars to check and verify it.
? What is Proof of Reserves and can it restore trust in centralized platforms?
We learned it there Binance bitcoin reserves are 101% oversecured. However, this inspection did not reassure customers. Rather, the procedure was deemed flawed and the results would not confirm Binance’s solvency.
Likely Mazars was afraid of damaging his reputation and preferred to withdraw from activities related to the cryptocurrency industry. At the time of writing, the audit reports of Binance, Crypto.com, Kraken and KuCoin are no longer available on their websites.
The price of Binance Coin (BNB) fell immediately after the announcement. down about 5% in the last 24 hours. Similarly, Crypto.com’s CRO lost 3.9%, while KuCoin’s native token (KCS) lost about 2.5%.
? Also in news – CryptoQuant confirms that Binance reserves are nothing like FTX.
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