Mazars Group removes Binance’s PoR

Binance's proof-of-reserve (PoR) audits have been removed 

From the auditor Mazars' website.

Mazars' official website shows that Mazars Veritas, a division dedicated to cryptocurrency exchange audits, has been discontinued. Mazars created the tool to bring "confidence and transparency to the digital asset sector," utilizing the Silver Sixpence Merkle Tree Generating tool to complement PoR reports.

As per the Bloomberg report, Mazars has discontinued performing PoR for cryptocurrency companies. Other auditing firms, such as FTX's auditor Armanino, have reportedly stopped working with cryptocurrency exchanges such as OKX and Gate.io.

Mazars is well recognized as the accounting firm for former US President Donald Trump's company. In late November, the auditing firm was appointed as an official auditor of Binance's PoR updates.

A number of rival cryptocurrency exchanges, like KuCoin and Crypto.com, have followed Binance's lead and collaborated with Mazars as part of their PoR reports.

The announcement comes shortly after Mazars reported on December 7 that Binance had control over 575,742 Bitcoin belonging to its customers, valued at around $9.7 billion at the time of writing. The report has since been also deleted from Mazars' website.

However, some financial experts have noticed certain red flags in Binance's PoR report. According to one former Financial Accounting Standards Board member, the Mazars report lacked information on the quality of internal controls and how Binance's systems liquidate assets to cover margin loans.

As of this writing, Mazars and the leading cryptocurrency exchange Binance refused to comment on these allegations.

Read also: Binance CEO CZ claims, "We're financially strong."