Why did Mazars Group stop vouching for cryptocurrencies?

Mazars Group, an accounting firm, stopped vouching for assets that crypto firms hold in reserve, less than two weeks after saying that Binance was over-collateralized in a report that's no longer on the company's website. Mazars Group suspended all work with its crypto clients, including Binance, KuCoin, and Crypto.com.

Did Mazars pause work with Binance?

The exchange, which has been hit by $6bn of withdrawals this week, said in a statement that the French auditing firm had “temporarily” paused work with Binance. Mazars said it had paused all proof-of-reserves work among cryptocurrency clients, including Binance.

Did Mazars pause proof-of-reserve work for crypto clients?

UPDATE (Dec. 16, 16:58 UTC): Adds confirmation and comments from Mazars. UPDATE (Jan. 9, 09:12 UTC): Changes headline and first paragraph to clarify that Mazars has specifically paused proof-of-reserve work for crypto clients; adds that Binance and KuCoin reports are available online.

Will Binance audit a private crypto company?

The Binance spokesperson added that the exchange had “reached out to multiple large firms” to take on its auditing, including the “big four” accounting groups, although they are “currently unwilling” to conduct a proof of reserves report for a private crypto company. “We are still looking for a firm who will do so,” the spokesperson added.