Binance proof reserves auditor mazars pauses crypto client work

Binance proof reserves auditor Mazars pauses crypto client work and has halted all work for crypto sector clients, according to the report, citing an emailed statement from Binance.

“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,” according to a spokeswoman for Binance, Coindesk.

Mazars had earlier this month completed a so-called proof-of-reserves audit on Binance’s bitcoin holdings, discovering that its bitcoin reserves on a single day in late November were over collateralized.

The audit firm has removed the webpage containing the check report, which was published on December 7.

Mazars and Binance did not reply quickly to calls for comment.

Mazars’ delay comes amid heightened scrutiny of how such platforms keep customer assets, prompted by the collapse of the FTX exchange.

Binance had a rise in outflows this week, which Binance CEO Changpeng Zhao described as “business as usual.” Binance also temporarily halted withdrawals of a major stablecoin on Monday, citing difficulties in the traditional banking system.

Binance has seen an increase in trading activity for Sun Token, Ardor, Osmosis, FUNToken, and Golem, as previously reported. With the unusual trading activity of SUN, ARDR, OSMO, FUN, and GLM, people speculated if some Binance accounts had been compromised with stolen keys.

However, Binance’s official Twitter account indicated that the business performed an internal investigation to see whether criminal actors were targeting the exchange.

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