Mazars Discontinues Auditing Crypto Exchanges And Deletes Website Posting Reports
Mazars audit firm abruptly erased the website that hosted the asset certification report for major cryptocurrency exchanges for unknown reasons.
Binance, KuCoin, and Crypto.com selected French auditing firm Mazars to evaluate their assets earlier this December, with the results all forecasting asset reserve levels of 100% or higher.
However, someone pointed out that Mazars’ actions cannot be referred to as a “audit,” because in the report releasing the results, this unit admitted to just evaluating the data provided by the exchange in accordance with the process provided by the company itself. The agreed-upon procedure (AUP) does not constitute independent confirmation.
By the afternoon of December 16, Bloomberg reported that Mazars had chosen to discontinue offering services to cryptocurrency exchanges, as well as to erase the website that disclosed the results of prior crypto audits. It is not clear why the audit firm opted to do so, but there has been conjecture that getting associated with crypto exchanges amid the current huge volatility in the crypto market has severely harmed the identity Mazars LLP.
“Mazars has chosen to cease service to all crypto customers internationally, including Binance, KuCoin, and Crypto.com. As a result, we will be unable to continue working with this firm at this time.” A Binance spokesman disclosed.Â
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Website: coincu.com
Chubbi
Coincu News
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Mazars Discontinues Auditing Crypto Exchanges And Deletes Website Posting Reports
Mazars audit firm abruptly erased the website that hosted the asset certification report for major cryptocurrency exchanges for unknown reasons.
Binance, KuCoin, and Crypto.com selected French auditing firm Mazars to evaluate their assets earlier this December, with the results all forecasting asset reserve levels of 100% or higher.
However, someone pointed out that Mazars’ actions cannot be referred to as a “audit,” because in the report releasing the results, this unit admitted to just evaluating the data provided by the exchange in accordance with the process provided by the company itself. The agreed-upon procedure (AUP) does not constitute independent confirmation.
By the afternoon of December 16, Bloomberg reported that Mazars had chosen to discontinue offering services to cryptocurrency exchanges, as well as to erase the website that disclosed the results of prior crypto audits. It is not clear why the audit firm opted to do so, but there has been conjecture that getting associated with crypto exchanges amid the current huge volatility in the crypto market has severely harmed the identity Mazars LLP.
“Mazars has chosen to cease service to all crypto customers internationally, including Binance, KuCoin, and Crypto.com. As a result, we will be unable to continue working with this firm at this time.” A Binance spokesman disclosed.Â
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Chubbi
Coincu News
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