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Crypto

Accountant That Vetted Binance Reserves Halts Crypto Work

  • French auditor Mazars halts work for Binance, Crypto.com
  • Crypto firms claim unable to sign deals with Big Four firms
Corrected

Mazars Group, the accounting firm used by crypto giant Binance Holdings Ltd. and other big players in the industry to vouch for their assets held in reserve, has halted all such work for crypto clients, dealing a blow to an industry seeking to shore up confidence in the wake of FTX’s collapse. 

In an email sent by the French firm, Mazars said it had suspended work for cryptocurrency firms because of indications that markets haven’t been reassured by the “proof-of-reserves” reports it had published so far. The firm was also concerned about intense media scrutiny, the email said. A Mazars spokesperson later said the suspension was limited to its provision of proof-of-reserves reports, citing “concerns regarding the way these reports are understood by the public.”