[CNBC|VIDEO] Accounting firm Mazars Group has suspended all work with its crypto clients. The decision to cut ties with Binance, KuCoin and Crypto.com comes just after the global accounting firm released “proof of reserve” reports for several digital asset exchanges.
The move comes as major cryptocurrency exchanges look to prove their solvency, and show they have enough money to cover customer withdrawals.
The CEOs of Binance and Crypto.com have looked to distinguish their own business practices from what happened at FTX, which has been charged with illegally using customer deposits for years before filing for bankruptcy. Its founder, Sam Bankman-Fried, is facing multiple counts of fraud and money laundering.
Mazars fired the Trump Organization as a client in February, citing a lack of reliability in the organization’s financial statements.
Mazars Group said in a statement to CNBC that it had “paused its activity relating to the provision of Proof of Reserves Reports for entities in the cryptocurrency sector due to concerns regarding the way these reports are understood by the public.” [FULLSTORY]
FOR MORE NEWS HEADLINES AND VIDEOS CLICK HERE
Discover more from Your Assignment Editor
Subscribe to get the latest posts sent to your email.
