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		<title>Mazars, the Infamous Accounting Firm Falls Out With Binance</title>
		<link>https://theblockleo.com/2022/12/22/mazars-the-infamous-accounting-firm-falls-out-with-binance/</link>
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					<description><![CDATA[Mazars has officially stopped its operations with all its crypto exchange clients. This includes Binance, the world&#8217;s largest crypto exchange by business volume. This happened after the collapse of FTX, one of Binance&#8217;s competitors. Its founder Sam Bankman-Fried was charged with money laundering and fraud.&#160; What is Mazars Mazars is a top international audit and [&#8230;]]]></description>
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<p>Mazars has officially stopped its operations with all its crypto exchange clients. This includes Binance, the world&#8217;s largest crypto exchange by business volume. This happened after the collapse of FTX, one of Binance&#8217;s competitors. Its founder Sam Bankman-Fried was charged with money laundering and fraud.&nbsp;</p>



<h2><strong>What is Mazars</strong></h2>



<p><a href="https://www.mazars.com/">Mazars</a> is a top international audit and accounting firm. It has worked with some cryptocurrency exchanges like Binance, Crypto.com and KuCoin. It has carried out their audits by providing &#8220;proof of reserves&#8221; reports. But, these are not standard audits. They only show that the institution can take care of its customers&#8217; funds.&nbsp;&nbsp;</p>



<h2><strong>Mazars and Trump</strong></h2>



<p>Mazars worked with the<a href="https://www.trump.com/"> Trump Organization</a> for years. But, it stopped sometime in February 2022. They said it was because of unreliable financial statements from the organization.&nbsp;</p>



<h2><strong>Mazars and Binance</strong></h2>



<p>The auditing firm worked with Binance to release their &#8220;proof of reserves&#8221; report. This was soon after the FTX scandal and it was done to reassure its customers. Mazars posted the report but they later deleted it. This was because of issues with the public&#8217;s understanding of the report.&nbsp;</p>



<p><a href="https://www.binance.com/en">Binance</a> CEO Changpeng Zhao said &#8220;interestingly, many audit firms are kind of scared to work with crypto businesses.&#8221; He added that the firms that audited FTX did not know how to audit crypto exchanges. That is, their user assets and different blockchains.&nbsp;</p>



<h2><strong>Mazars and Other Companies</strong></h2>



<p>Mazars carried out&nbsp; audits for both<a href="https://crypto.com/"> Crypto.com</a> and<a href="https://www.kucoin.com/"> KuCoin</a> but also later deleted them. Crypto.com said their audit was successful. Their report showed that customers&#8217; assets were held at 1:1, which is the rule. Their customers could also confirm their balances on their website. They both say that they are willing to work with in the future. But only &#8220;reputable audit firms.&#8221;&nbsp;</p>



<h2><strong>Conclusion</strong>&nbsp;</h2>



<p>Mazars may be playing it safe by stepping away. It uses procedures agreed jointly to conduct the audits. This is not standard practice procedure which makes it likely to make mistakes. Crypto exchanges need a lot of knowledge on their operations to carry out a complete audit. Mazars may thus simply want to avoid any consequences of making mistakes.</p>
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