Hey Peeps!

I am a bit late with this news, but I still felt it needed to be written about; mostly because I previously wrote an article about Mazars Group and their Audit of Binance. 

Mazars is a global audit, accounting and consulting group who recently was in the news for performing a Proof-of-Reserves and Proof-of-Liabilities audit of Binance. 

Now, a week after that report was published, Mazard announces they are pausing all work for their global crypto clients. 

To add more to the drama, the Proof-of-Reserves and Proof-of-Liabilities report, done for Binance, is no longer accessible. 

“Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance. Unfortunately, this means that we will not be able to work with Mazars for the moment. We have reached out to multiple large firms, including the Big Four, who are currently unwilling to conduct a PoR for a private crypto company and we are still looking for a firm who will do so."

- Binance spokesperson

A spokesperson for the Mazars Group stated that they "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."

It appears that Mazars is blaming public perception as the reason why they are leaving the crypto space. 

I am not sure if this is a strong enough reason or not, but maybe they fear future lawsuit or liability by providing auditing reports for crypto companies (that could potentially collapse). 

What do you think this means for these cryptocurrency companies?

Is this a reason to worry?

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