The proof-of-reserves (PoR) audits for cryptocurrency exchange Binance have been taken down from Mazars’ website.
According to the company’s official website, Mazars Veritas, a division devoted to auditing cryptocurrency exchanges, has been completely stopped. The Silver Sixpence Merkle Tree Generating tool was created by Mazars to complement PoR reports and promote “confidence and transparency to the digital asset market.”
Additionally, Mazars stopped performing proof-of-reserve (PoR) for bitcoin companies, according to Bloomberg on December 16. Other auditing companies, including FTX’s auditor Armanino, are said to have ceased their collaboration with crypto exchanges including OKX and Gate.io.
The accounting firm of former US President Donald Trump’s business is known as Mazars. In late November, the auditing company was chosen to serve as the official auditor of Binance’s PoR upgrades.
KuCoin and Crypto.com, two competing cryptocurrency exchanges, have followed Binance’s example by working with Mazars as part of their proof-of-reserves PoR reports.
Additionally, CZ later used Twitter to imply that blockchains are transparent by design, writing:
“Blockchains are public, permanent records. It’s the most auditable ledger.”
Changpeng “CZ” Zhao, CEO of Binance, responded to the news on Twitter right away with a retweet from an arbitrary commenter. Making a claim about the reasons an auditing firm opted to stop working with cryptocurrency? Ask them, it says in the tweet.
The announcement follows Mazars’ confirmation on December 7 that Binance controlled 575,742 Bitcoin belonging to its users, which were valued at around $9.7 billion at the time of writing. The report was then taken down from Mazars’ website as well.