On Friday, December 16, auditing firm Mazars Group – which submitted the Proof-of-Reserves report for Binance – suspended all ties with crypto firms. The Mazars Group said that they paused the activity “for entities in the cryptocurrency sector due to concerns regarding the way these reports are understood by the public.”
There were a few doubts raised regarding the opaqueness of the report recently. Commenting on it, Big Short investor Michael Burry said that the audits are essentially meaningless. He added:
“This is the problem. In 2005 when I started using a new kind of credit default swap, our auditors were learning on the job. That’s not a good thing. Same goes for FTX, Binance, etc. The audit is essentially meaningless”.
Binance chief Changpeng Zhao recently stated that auditing firms are not willing to work with crypto businesses. He also added that several audit firms don’t know how to audit crypto exchanges, user accounts, and different blockchains. “There ar
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