![]() ![]() "This nascent industry has grown quickly and Binance has shown its commitment to security and compliance. "As has been reportedly widely, regulators are doing a seeping review of every crypto company," a Binance spokesperson told NPR, in an e-mail. "Instead they report limited findings based on the agreed procedures performed on the subject matter at a historical point in time."īinance is also being investigated by the Department of Justice, and Reuters recently reported prosecutors are "delaying the conclusion" of that investigation. "They do not constitute either an assurance or an audit opinion," Mazars said in a statement. Mazars decided to stop supporting those proofs for any crypto company, at least temporarily, because the public doesn't understand that the reports are very limited, it said in a statement on Friday. The 44-year-old runs the largest crypto exchange, worth an estimated 300 billion, nearly six times the. The company hired Mazars to review its numbers and, like its peers such as, used the proofs of reserve to indicate it enough reserves on hand to back up customer deposits. At least on paper, Binance founder Changpeng Zhao is among the world’s richest people. He is a billionaire, valued at 1.9 billion, ranked number 5 on Forbes’ Crypto Rich List, and one. ![]() Approximately $1.14 billion was withdrawn on Tuesday alone.īusiness FTX made a cryptocurrency that brought in millions. Binance CEO Changpeng Zhao (often referred to as CZ), runs the world’s largest crypto exchange. Its customers were spooked earlier in the week about the safety of their money, after the arrest of FTX's founder Sam Bankman-Fried and the publication of a report about government scrutiny of Binance.įrom Monday through Wednesday, $6 billion washed out of the exchange, according to Binance. So, for now, it must release its reports without a stamp of credibility from a reputable, outside company.Ī crisis of confidence has already hurt the company. Rushing to find a replacement, Binance has already reached out multiple auditors, including the "Big Four" accounting firms, only to be told "no," the spokesperson said. Mazars, known for cutting ties with former President Donald Trump earlier this year, suspended its work for all crypto companies on Friday, according to Binance. In the latest blow, international accounting firm Mazars abruptly stopped verifying Binance's "proof of reserves," a report intended to show the company has enough money on hand to back up customer deposits. government.įallout from the catastrophic collapse of the cryptocurrency exchange FTX continues to spread, and fear and panic has now turned to FTX's one-time rival, Binance. In a span of a few months, Zhao turned the company into the largest exchange platform for the crypto trade. He has turned out to be a true inspiration to many since the company’s inception in 2017. On Monday, FTX founder Sam Bankman-Fried was arrested by police in the Bahamas at the request of the U.S. Changpeng Zhao is the founder of the world’s largest crypto exchange Binance. Jun.22 - Changpeng Zhao, Founder and CEO, Binance speaks with Bloomberg’s Tracy Alloway at the Qatar Economic Forum, powered by Bloomberg, about Bitcoin, me. ![]()
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