Binance has seen its Proof of Reserve (PoR) audits removed from auditor Mazars’ website.
The official Mazars website shows that they discontinued Mazars Veritas, a section dedicated to cryptocurrency exchange audits. The tool was developed by Mazars to bring “trust and transparency to the digital assets sector”, using the Silver Sixpence Merkle Tree Generating tool to complement PoR reporting.
The news comes amid Bloomberg reports that Mazars stopped doing PoR for cryptocurrency companies. Some other auditing firms like FTX auditor Armanino have also stopped working with crypto exchanges like OKX and Gate.io.
Mazars is widely known as the company accounting firm of former US President Donald Trump. The auditing firm was appointed as the official auditor of Binance’s PoR updates in late November.
Several rival crypto exchanges, including KuCoin and Crypto.com, have followed Binance’s lead in cooperating with Mazars as part of their PoR reports.
The news comes shortly after Mazars confirmed on December 7 that Binance had control of 575,742 Bitcoin (BTC) from its customers, worth around $9.7 billion at the time of writing. The report has also been removed from the Mazars website.
Related: Members of the crypto community discuss the bank run on Binance
However, some financial specialists have seen some red flags in Binance’s PoR report. A former member of the Financial Accounting Standards Board argued that the report published by Mazars lacked data on the quality of internal controls and how Binance’s systems liquidate assets to cover margin loans.
Mazars and Binance did not immediately respond to Cointelegraph’s request for comment.
