French auditor Mazars Group has stopped working for crypto firms globally.
Mazars is reportedly pausing the auditing work it does for cryptocurrency companies, including Binance, Crypto.com and KuCoin, among others.
The auditor did not give a reason for its decision, though the cryptocurrency sector has been in turmoil since the November 11 bankruptcy filing of crypto exchange FTX.
Paris-based Mazars has been at the forefront of the cryptocurrency industry's efforts to carry out “proof of reserves” reports for Binance and other large digital exchanges and lenders.
However, proof of reserve reports have been criticized as they are not a full audit and often only show a company’s assets, not its liabilities.
Binance first broke news of Mazars decision to halt work for crypto clients on social media, adding in a tweet that “We embrace transparency, and we are looking into how best to provide those details in the coming months.”
