The global auditing company Mazars, based in France, has stopped auditing cryptocurrency platforms. The crypto industry now has to utilise the services of a different company, Armanino, whose name is significant.
Why Audit Service is Needed?
The majority of investors are now avoiding centralised platforms and withdrawing their money since the collapse of the FTX empire. And the only method that can satisfy investors is by conducting a third party Proof of Reserve (PoR) audit.
Mazars' Loss
Mazars' clients for their respective Proof of Reserve (PoR) audits include exchange platforms like Binance, Kucoin, and crypto.com. These companies now have a critical need for a new auditor.
Armanino's Gain
Armanino is establishing a reputation by performing audits for Kraken, which is putting pressure on its rival firms to conduct thorough audits. FTX US was also audited by Armanino.
