Mazars’ departure doesn’t mean, however, that conventional auditors cannot examine the books at crypto firms. Coinbase is a publicly traded company in the U.S., and so – as it must – the company releases full-fledged reports about its finances, audited by one of the largest accounting firms in the world: Deloitte. Source
“Tokocrypto came from our brainchild more than four years ago. I am very proud to see every growth, slogan, and contribution the company has made to advance Indonesia’s digital economy,” Pang Xue Kai, CEO & Co-founder of Tokocrypto, said in a release. Source
Binance rumors were the all-dominant topic last week after the FOMC meeting. Rumors of insufficient proof of reserves and the pullback from accounting firm Mazars, allegations of a bank run and insolvency, as well as CZ’s interview on CNBC have dragged the Bitcoin and crypto sentiment and prices down. Charles Edwards of Capriole Investments pointed out in a Twitter thread that this “FUD is really bad for the industry,” pointing out that there is “nothing” backed by data that is legitimately worrisome, “but when fear is great enough, it doesn’t…
Hedge fund manager Michael Burry, who is known for being one of the first investors to foresee and profit from the collapse of the housing market in 2007, says the recent audit on Binance’s proof of reserves carries zero weight. Following the high-profile implosion of FTX, centralized crypto exchanges have been scrambling to provide proof-of-reserves reports, which aim to confirm that a platform’s reserves match its clients’ assets. The Big Short investor tells his 1.2 million Twitter followers that crypto is a relatively new asset class and that auditors are…
Cryptocurrency exchange Binance has offered to support Azerbaijan in efforts to establish regulations for digital assets. The leading coin trading platform has been active in the region this year, seeking to expand market presence and increase interaction with authorities. Binance to Assist Azerbaijan’s Monetary Authority With Regulations for Cryptocurrencies The world’s largest exchange for crypto assets, Binance, is ready to provide support to the Central Bank of Azerbaijan (CBA) in elaborating mechanisms for crypto regulation, the company’s Director of Governmental Relations in the Commonwealth of Independent States (CIS) Olga Goncharova…
The host of Mad Money, Jim Cramer, has cast doubt on the trustworthiness of crypto exchange Binance. “Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX?” he asked, adding: “I would trust my money more in Draftkings than I would Binance.” Jim Cramer Slams Binance The host of CNBC’s Mad Money show, Jim Cramer, cast doubt on the trustworthiness of cryptocurrency exchange Binance in a series of tweets this week. Cramer is a former hedge fund manager who co-founded Thestreet.com, a…
Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, says the problem with auditing cryptocurrency exchanges, like Binance and FTX, is the same as when he started using a new kind of credit default swap. “Our auditors were learning on the job,” he described, adding that it’s “not a good thing.” Michael Burry on Audits of Crypto Firms Famous investor and founder of investment firm Scion Asset Management, Michael Burry, said Friday that proof-of-reserves (POR) audits of cryptocurrency exchanges, including Binance and the collapsed exchange FTX, are…
Binance, as one of the leading crypto exchanges, tried to exhibit transparency in its operations, especially on the security of customers’ funds. This led it to publish its proof of reserve (PoR) reports. However, the collapse of some firms like Celsius Network, FTX, and others has instilled fear and doubts about crypto exchanges and platforms. Investors lost confidence majorly in centralized platforms. Hence, most CEXs have taken to publishing their proof of reserve assets to indicate the safety of users’ funds. Difference In Binance’s Reported BTC Holding Some revelations hint…
The accounting firm Mazars Group has stopped doing proof-of-reserves (POR) audits for cryptocurrency exchanges and the recently published Binance POR has been removed from the web. Mazars was conducting a number of POR audits for crypto exchanges like Binance, Crypto.com, and Kucoin following the FTX collapse last month. Mazars Group Pauses Crypto Company Audits, Binance POR Scrubbed From the Web Reports detailed on Dec. 16, 2022, that the accounting firm Mazars Group has paused doing POR audits for cryptocurrency exchanges. On Friday, a Binance spokesperson told CNBC that “Mazars has…
The Bitcoin price has once again fallen below the $17,000 mark after it became known that the auditing firm Mazars will pause its work with Binance. Already in the last few days, rumors and FUD about Binance intensified. As NewsBTC reported, investors are worried that Binance is not keeping enough reserves on hand for all their client funds. The impetus for the outcry was a proof-of-reserves conducted by Mazars that raised numerous new questions instead of answering the old ones. Remarkably, the auditing firm worked not only with Binance but…