Binance’s proof-of-reserves auditor suspends work for crypto firms

Mazars, the financial auditing firm behind Binance’s proof-of-reserves (PoR) audit, has suspended all work for crypto firms, according to a Binance spokesperson.

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Fast facts

• “Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance,” a spokesperson from Binance told CNBC.
• Mazars has also deleted Binance’s PoR audit from last month, which according to Binance chief Changpeng Zhao found that the company has “absolutely no negative balances involved.” 
• Mazars has yet to release an official statement.
• The development comes after Binance processed a record US$5.2 billion worth of stablecoin withdrawals on Tuesday, the exchange’s highest ever recorded by on-chain data analytics firm CryptoQuant.
• Following news of Mazars’ suspension, BNB lost 1.1% in the last hour and 5.5% in the past 24 hours, to trade at US$248.32 at 10:15 p.m. in Hong Kong, according to CoinGecko data.

See related article: Some 97% of Binance’s liabilities collateralized by Bitcoin, wrapped Bitcoin: Mazars