The website for the audit company’s report on the check that was released on December 7 has been removed.
According to a statement sent by Binance in an email, Mazars, the auditing company working with major cryptocurrency exchange Binance, has halted all operations for customers in the cryptocurrency sector.
Including Crypto.com, KuCoin, and Binance, Mazars has stated that it would temporarily halt all of its activities with all of its cryptocurrency customers worldwide. Because of this, we will, unfortunately, be unable to collaborate with Mazars at this time, a Binance representative told Coindesk.
Earlier this month, Mazars checked Binance’s bitcoin holdings as part of a process known as a “proof-of-reserves check,” and it discovered that the company had overcollateralized its bitcoin reserves on a single day in late November.
The website for the audit company’s report on the check that was released on December 7 has been removed.
Requests for comment from Mazars and Binance were not immediately returned.
The FTX exchange’s insolvency has brought about heightened scrutiny of how these platforms manage user assets, which is why Mazars took a break.
A sharp increase in outflows hit Binance this week, which CEO Changpeng Zhao described as “business as usual.” Additionally, Binance temporarily stopped a major stablecoin’s withdrawals on Monday, blaming difficulties in the conventional banking system.
