French Accounting Firm Dumps All Crypto Clients
French accounting firm Mazars is pausing all its work with crypto firms including, Crypto.com, KuCoin, and Binance, according to a spokesperson for Binance, David Hollerith reported for Yahoo Finance.
Photo Insert: Mazars' pullback from the crypto market comes as customers and investors seek greater transparency surrounding the crypto exchanges they use in the wake of the collapse of FTX.
Mazars has since deleted all crypto reports from its website. In a statement, a Mazars spokesperson told Yahoo Finance the firm, "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."
Mazars noted: "Proof of Reserves Reports are performed in accordance with Reporting Standards relevant to an Agreed Upon Procedures report. They do not constitute either an assurance or an audit opinion on the subject matter. Instead, they report limited findings based on the agreed procedures performed on the subject matter at a historical point in time."
News of Mazars' decision was first reported by Bloomberg.
Mazars' pullback from the crypto market comes as customers and investors seek greater transparency surrounding the crypto exchanges they use in the wake of the collapse of FTX.
Investors have put a spotlight on Binance, the largest crypto exchange after it delivered a report from Mazars last week, which fell short of showing full transparency.
The exchange also temporarily halted withdrawals of the stablecoin USDC citing to daily banking hour constraints during a record period of withdrawals.