Auditing firm Mazars pauses work for Binance, other crypto clients

Mazars, the auditing firm working with major cryptocurrency exchange Binance, said on Friday it has paused all work for clients in the crypto industry.

The audit firm had performed a so-called proof-of-reserves check on Binance's bitcoin holdings earlier this month, finding its reserves on a single day in late November were overcollateralized.

Mazars has deleted the webpage containing a report on the check, published on Dec. 7. Coindesk and Bloomberg reported the story earlier on Friday.


"Mazars has 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," the company said in a statement.

The pause by Mazars comes amid intense scrutiny, sparked by the bankruptcy of the FTX exchange, of how such platforms hold user funds.