• Accounting firm Mazars Group has suspended all work with its crypto clients, according to its former client and the world’s largest crypto exchange, Binance.
  
• The decision to cut ties with Binance, KuCoin and Crypto.com comes just after the global accounting firm released “proof of reserve” reports for several digital asset exchanges.
  
• A spokesperson from Binance, the world’s largest cryptocurrency exchange, told CNBC in a statement that, “Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance.”
  

Accounting firm Mazars Group has suspended all work with its crypto clients. The decision to cut ties with Binance, KuCoin and Crypto.com comes just after the global accounting firm released “proof of reserve” reports for several digital asset exchanges.

The move comes as major cryptocurrency exchanges look to prove their solvency, and show they have enough money to cover customer withdrawals. The CEOs of Binance and Crypto.com have looked to distinguish their own business practices from what happened at FTX, which has been charged with illegally using customer deposits for years before filing for bankruptcy. Its founder, Sam Bankman-Fried, is facing multiple counts of fraud and money laundering.

Mazars fired the Trump Organization as a client in February, citing a lack of reliability in the organization’s financial statements.

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