Hundreds of millions of dollars worth of digital assets are being liquidated from the global markets after a prominent auditing firm announced the halting of all work for crypto clients.
According to a new report, Mazars, a French auditing firm that was hired by the world’s largest crypto exchange Binance last month, is pausing its services over concerns that the public may not fully understand the reports they curate.
Mazars was conducting proof-of-reserve checks, which would confirm that a crypto exchange’s reserve data matches its clients’ assets.
As stated by the firm,
“Mazars has 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.”
Before pausing its work, Mazars found that Binance had overcollateralized their assets, something which former Kraken CEO Jesse Powell said at the time was a “big red flag.”
According to data
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