Binance: Four Major Auditing Firms Refuse to Audit Reserves for Private Crypto Companies

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Not only Mazars but also 4 large auditing firms aren’t ready for the job. The largest exchange on the market is still searching for a company to take over this role. This once again made many investors worry that even the Binance could not get out of the FTX quagmire.In a recent statement from the representative of the world’s largest cryptocurrency exchange by trading volume, Binance shared about the fact that 4 major auditing firms in the world Deloitte (DTT), Ernst & Young (DTT), Ernst & Young ( EY), KPMG (KPMG) and PricewaterhouseCoopers (PwC) were all unwilling to participate in the “proof of reserves” (PoR) report for the private crypto company.However, it is known that Deloitte is currently working with Coinbase, which went public through direct listing in 2021, for its accounting and auditing services. Ernst & Young announced a partnership with TaxBit, a crypto tax and accounting technology provider. A spokesperson said that Binance had also been subject to a withdrawal stress test this week which saw the completion of $6 billion worth of net withdrawals in a three-day period. It goes smoothly “without interruption”. Mazars Group, which performed proof-of-reserves audits on exchanges KuCoin and Binance, decided to cease providing these services due to “concerns regarding how these reports are understood” according to CNBC reports. As various exchanges tried to ease investor concerns after the FTX crash, Mazars published a report about Binance’s proof-of-reserves audit. The report appears to be removed from Mazars and Binance’s websites. This was in response to investor concerns following the crash of FTX. Disclaimer: This website provides general market commentary but does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comFoxyCoincu NewsTags: # Cryptocurrencies#MarketsAuditing FirmsBlockchaincrypto