Tag: Mazars

French Auditor Paused Working For Crypto Clients Due To Public Perception Of POR Reports!

Compliance Ben - December 16, 2022

French auditing firm Mazars Group, that did the controversial Proof of Reserve (POR) "audits" of crypto giants Binance and Crypto.com, has paused work for all crypto clients globally. However, the published POR audits have raised more questions than they gave answers to and were met with massive criticism on Twitter. Probably, as a result, Mazars has withdrawn from further crypto engagements. The crypto environment is currently extremely toxic.

Binance & Crypto.com: Proof Of Reserves Reports Are Worth Nothing & Prove Nothing, Critics Claim!

Compliance Ben - December 11, 2022

Amid Crypto Contagion following the FTX collapse, two of the world's largest crypto exchanges, Binance and Crypto.com released "Proof of Reserves (PoR)" reports. Both worked with Mazars Group, a global accounting firm. However, according to Mazars, these haven't been audit reports; they did not express an opinion or an assurance conclusion. While the PoR reports may be a good first step toward more transparency in the crypto sector, but for now, they are more of a sort of placebo to calm users.

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