{"id":528109,"date":"2022-12-16T16:22:40","date_gmt":"2022-12-16T13:22:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/no-more-proof-of-reserve-checks-auditors-quietly-drop-crypto-projects-from-portfolios\/"},"modified":"2022-12-16T16:22:40","modified_gmt":"2022-12-16T13:22:40","slug":"no-more-proof-of-reserve-checks-auditors-quietly-drop-crypto-projects-from-portfolios","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/no-more-proof-of-reserve-checks-auditors-quietly-drop-crypto-projects-from-portfolios\/","title":{"rendered":"# No more proof-of-reserve checks? Auditors quietly drop crypto projects from portfolios"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23ae500d3f5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23ae500d3f5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/no-more-proof-of-reserve-checks-auditors-quietly-drop-crypto-projects-from-portfolios\/#%E2%80%9D_No_more_proof-of-reserve_checks_Auditors_quietly_drop_crypto_projects_from_portfolios_%E2%80%9C\" >&#8221; No more proof-of-reserve checks? Auditors quietly drop crypto projects from portfolios &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_No_more_proof-of-reserve_checks_Auditors_quietly_drop_crypto_projects_from_portfolios_%E2%80%9C\"><\/span>&#8221; No more proof-of-reserve checks? Auditors quietly drop crypto projects from portfolios &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvYWQ4MWFjYjktNjMyNS00YzBkLWIyZjYtM2I4NDgxNjA2ZjNkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>As the FTX collapse highlighted the need for more transparency from centralized crypto exchanges, working with auditors has been the move by top crypto trading platforms to assure users that their assets are fine. However, two of the most prominent auditors have suddenly dropped their crypto auditing services, leaving exchanges hanging at a very crucial time.\u00a0<\/p>\n<p>At the moment, the official website of the French auditing firm Mazars Group shows that its section, called Mazars Veritas, which is dedicated to crypto audits is now offline. The firm worked with several of the most prominent crypto exchanges including Binance, KuCoin and Crypto.com. <\/p>\n<p>While there\u2019s been no official announcement from Mazars at the time of writing, Binance <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-16\/mazars-to-pause-all-work-for-crypto-clients-binance-says-lbqbamw7?leadSource=uverify%20wall\">confirmed<\/a> that the auditing firm has indicated that it\u2019s temporarily pausing its work with all its crypto clients globally. <\/p>\n<p>Speaking to Cointelegraph, a spokesperson from Binance noted that due to the FTX incident, people have been searching for more assurances that other exchanges won\u2019t collapse. They explained that: <\/p>\n<blockquote><p>\u201cIt was FTX\u2019s failure to ensure exchange assets were greater than its liabilities to customers that caused its insolvency. So, naturally, people want multiple ways of verifying this won\u2019t h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en again.\u201d <\/p><\/blockquote>\n<p>The firm said that at the moment, they have reached out to other accounting firms, including the Big Four and will work to provide other technical solutions. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Silvergate faces class-action lawsuit over FTX and Alameda dealings<\/em><\/strong><\/p>\n<p>Meanwhile, accounting firm Armanino has also reportedly ended its crypto auditing services. The firm has worked with several crypto trading platforms like OKX, Gate.io and the embattled FTX exchange. Citing anonymous sources, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> outlet Forbes <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.forbes.com\/sites\/emilymason\/2022\/12\/15\/ftx-accounting-firm-armanino-ends-crypto-audit-practice\/?sh=70397d2362f2\">reported<\/a> that the firm may be facing pressure from its non-crypto clients after being named in a class-action lawsuit for being unable to spot problems in FTX.\u00a0<\/p>\n<p>The accounting firm began its crypto auditing services in 2014, offering services like proof-of-reserve audits and stablecoin attestations, services that are currently in high demand as the FTX collapse pushed users to become more wary of centralized crypto trading platforms.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/no-more-proof-of-reserve-checks-auditors-quietly-drop-crypto-projects-from-portfolios\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; No more proof-of-reserve checks? Auditors quietly drop crypto projects from portfolios &#8220; As the FTX collapse highlighted the need for more transparency from centralized crypto exchanges, working with auditors has been the move by top crypto trading platforms to assure users that their assets are fine. However, two of the most prominent auditors have&#8230;<\/p>\n","protected":false},"author":1,"featured_media":528110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/ad81acb9-6325-4c0d-b2f6-3b8481606f3d.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74862,131578,75917,77475,132424,117],"class_list":["post-528109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin","tag-crypto-com","tag-exchanges","tag-kucoin","tag-okx","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/528109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=528109"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/528109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/528110"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=528109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=528109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=528109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}