Accounting firm Mazars has stopped auditing crypto exchanges, leaving no one to verify if exchanges have sufficient funds to cover client balances. This comes amidst a smear campaign against Binance and unsubstantiated rumours about its ability to service withdrawals in the event of a bank run. Kevin O’Leary, a well-known investor and Shark Tank star, has accused Binance of undermining FTX through planting malicious rumours, which Binance CEO Changpeng Zhao denies. Meanwhile, former US President Donald Trump has launched an NFT collection, and there have been no updates on the ongoing SEC lawsuit against Ripple and Gary Gensler.
The Daily Crypto News with Dusty
Hey guys what is up it’s Dusty here and welcome back to another episode of The Daily Crypto News…
Mazars stops providing proof of reserves
Mazars, a well-known company that provides proof of reserves for many cryptocurrency exchanges, has reportedly stopped doing so. This is a concerning issue for the crypto space as it is difficult for exchanges to prove that they are fully funded and have all the money that they owe to their clients. Even Binance tried to step to the big four accounting firms, such as PWC, EY, Deloitte, and KPMG, due to the severity of this issue. If one of these firms states everything is good and an exchange collapses, it would tarnish their reputation.
FUD campaign against Binance
There is currently a massive FUD campaign against Binance circulating around Twitter. The former US president, Donald Trump, launched an NFT collection, and Justice is still not present for XRP. Additionally, the chairman of the SEC, Gary Gensler, is not being looked at closely enough regarding the way he is treating the crypto industry. However, things may change soon as people become more aware of his connections.
The drama surrounding Mithril
Mithril deposited 200,000 BMB on Binance in 2018 or about $2 million at the time to get listed on the exchange. However, the website has been offline for almost two years, and the crypto token price is way below the trigger levels already. CZ and his team at Binance claim that they made the right decision to hold onto the deposit as the team of Mithril haven’t updated the community nor tweeted in a long time. Mithril is now trying to stir up drama online to get its $50 million deposit back.
Binance accused of causing FTX collapse
Kevin O’Leary, a well-known investor and Shark Tank star, went to Congress to state that Binance was the company that crushed FTX by letting rumors go loose, causing people to take their money off the platform. CZ called Kevin a liar in a recent interview on CNBC and stated that the withdrawal situation would never happen to Binance because they make money off of fees and do not engage in risky ventures.