Major crypto exchanges are facing scrutiny as their auditor, Mazars, pauses work with crypto clients. Binance, Crypto.com, and KuCoin are among the affected platforms. A prominent accounting firm, Mazars had been overseeing the proof-of-reserves reports for major crypto exchanges like Binance, Crypto.com as well as KuCoin. The accounting firm, Mazars, was hired by Binance to conduct a “proof of reserves” report. A Binance statement on Friday confirmed that Mazars had indicated they would temporarily pause its work. Unfortunately, this development raises concerns about transparency and trust within the cryptocurrency industry.

Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance. The company that audited both Binance and Crypto.com – Mazars group – will be pausing its work with cryptocurrency businesses. This decision leaves Binance, Crypto.com, KuCoin, and other exchanges searching for alternative auditing solutions to reassure users about their reserves.

According to the company’s official website, Mazars Veritas, a division devoted to auditing cryptocurrency exchanges, has been completely stopped. This highlights the extent of Mazars' pullback from the crypto sector. The tool created by Mazars utilizes [mention what the tool utilizes if known, otherwise omit this sentence fragment to avoid making false claims].

The pause in auditing services from Mazars impacts the availability of proof-of-reserves reports for Binance, Crypto.com, and KuCoin. This raises questions about the reliability of existing reports and the future of independent audits in the crypto space.