What is Mazars? Meet the accounting firm rocking the crypto world that previously ditched Trump - Yahoo Finance

Mazars has found itself in the headlines again this year after confirming it’s pausing work for crypto clients, including Crypto.com, KuCoin, and Binance, the world’s largest crypto exchange.
The news rocking the cryptocurrency world comes after the accounting firm in February backed away from another high-profile client — former President Donald Trump.
On Friday, Mazars told Yahoo Finance that it "paused its activity relating to the provision of Proof of Reserves Reports for entities in the cryptocurrency sector due to concerns regarding the way these reports are understood by the public."
Here’s what else to know about the accounting firm.
Mazars is an international professional service firm that provides various financial services, including audit (49%), tax (16%), and outsourcing (16%), according to the firm’s 2020/2021 transparency report.
It operates in 90 countries but the majority of its offices and professionals are located in the European region. Mazars has 12 offices in the U.S., including in California, New York, Texas, and Florida.
In 2021, Mazars reported a fee income of $2.22 billion ( €2.1 billion).
Mazars issued proof-of-reserve reports (PoR) for cryptocurrency exchange clients. The purpose of PoR reports is to verify that there are enough assets held by exchanges to back customer balances.
“It’s something that has been mentioned more and more since the FTX collapse,” said Romain Dillet, senior writer at TechCrunch. “Basically it’s like saying, ‘here’s what I have in my wallet and here’s what my customers hold on my exchange.’”
Ultimately, the exchanges wanted to provide customers with assurance.
“If everybody tries to withdraw everything at the same time, exchanges with reserves that are higher than customer deposits will be able to process all withdrawal requests,” Dillet said.
For instance, Binance explained its PoR system after the FTX fallout on its site and showed a 101% Bitcoin reserve ratio. Crypto.com also posted its Mazars PoR report on its website with an option to verify customer funds.
However, the Mazars PoR report specifically noted that these are not financial audit engagements and the firm does not express an opinion or assurance conclusion.
The Mazars report on Binance’s BTC reserve is no longer available on the firm’s website. Mazars removed all proof-of-reserve reports for cryptocurrency exchanges, according to TechCrunch, and Mazars currently does not list “cryptocurrency” or “blockchain technology” as industries it serves on its website.
After issuing PoR reports for Cyrpto.com and KuCoin earlier this month, Mazars said it’s suspending these reports over concerns on how the reports are interpreted by the public., according to a statement it provided to Yahoo Finance.
“Proof of Reserves Reports are performed in accordance with Reporting Standards relevant to an Agreed Upon Procedures report,” according to the statement. “They do not constitute either an assurance or an audit opinion on subject matter. Instead, they report limited findings based on the agreed procedures performed on the subject matter at a historical point in time.
Earlier this year, Mazars cut ties with another notable client, former President Donald Trump and his family business.
Trump used Mazars as his longtime accounting firm, its services included issuing statements of financial condition for the former president. These statements included the valuations of Mr. Trump’s assets, including real estate properties. However, in a letter to the Trump Organization in February, William Kelley, Mazars U.S. general counsel, said Trump’s financial statements from June 30, 2011, to June 30, 2020, “should no longer be relied upon.”
The accounting firm also said they will no longer provide any services to Trump and his businesses.
Mazars, like every other accounting firm and its CPAs, is obligated to uphold standards such as good faith, due professional care, and public interest.
Firms have the legal responsibility to ensure financials are appropriately stated. Otherwise, clients, investors, or third parties who rely on their work can sue for negligence or fraud.
Accounting companies in the past had collapsed due to bad audits. Arthur Andersen, once a “Big 5”’ accounting firm along with PwC, KPMG, EY, and Deloitte, collapsed in 2002 due to its involvement in the Enron scandal.
Andersen turned a blind eye when Enron Corp. misreported financials to mislead investors. The leading audit partner failed to report issues to the company Board and tried to cover up the fraud amid an investigation by the Securities and Exchange Commission.
Mazars reminded the Trump Organization that “Mazars performed its work in accordance with professional standards” in its breakup letter in February. Mazars again reminded the public of its adherence to reporting standards as it suspends cryptocurrency-related work.
Mazars has not provided further information on its suspension decision to Yahoo Finance.
Rebecca is a reporter for Yahoo Finance.
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Michael Sonnenshein is attempting to assuage the fears of Grayscale Bitcoin Trust investors following the collapse of crypto exchange FTX.
(Bloomberg) — The US Securities and Exchange Commission is awarding more than $37 million to a whistleblower whose information contributed to a successful SEC enforcement action.Most Read from BloombergMusk Polls Twitter to Quit as Chief, Voters Leaning Toward YesTwitter Users Vote for Elon Musk to Step Down as CEOJustin Bieber Urges Fans Not to Buy His Own ‘Trash’ Merchandise at H&MMessi May Not Be Soccer’s GOAT for LongTech’s Bust Delivers Bruising Blow to Hollowed-Out San FranciscoThe SEC sa
STORY: These streets in South Korea's Itaewon district would usually buzz with festive cheer. But this year Christmas parties are happening elsewhere in Seoul.While the night-life district mourns the Halloween crowd crush that killed 158 people, most of them aged 20 to 30.Instead of bustle, there are messages to remember the victims.Local resident Lee Jun-hee:“It’s like people can sense an air of solemnity as they walk in this area. Itaewon used to be a place for Christmas parties with lots of decorations on streets like Hongdae, but it has become very silent and somber."Some restaurants and stores have put up trees and sparkle.But an eerie quiet haunts the back alleys that house the hottest nightclubs, where thousands flocked in October to enjoy the first proper Halloween parties in three years.Resident Kim Kyeong-nyeon says it's too soon for business as usual.“It's hard to hear Christmas carols, and we only see very few Christmas trees. The atmosphere has changed a lot. It’s been more than a month since the incident, but people are still grieving. It looks like we will need more time.”The manager of this hamburger joint, who pefered not to be named, said his business still suffers from the disaster, as do other restaurants and bars nearby. But Christmas spirit is on show in the traditional tourist district of Myeongdong, where megastores have unveiled glittering annual displays.The Seoul city government now has a team to manage large gatherings.Police have set up crowd-control barriers around viewing areas at the stores. So even here, Jeon Ye-Hyang says, people are constantly reminded of the tragedy.
Whether it's the Taro upgrade or growth in the Lightning Network, Bitcoin has seen steady progress this year, says Cory Klippsten, Tomer Strolight and Sam Callahan of Swan Bitcoin.
Jan. 6 select committee members on Dec. 19 stressed the significance of the committee’s criminal referrals of former president Donald Trump.
An estimated 112.7 million people will travel from home for the holidays, or 3.6 million people more than last year.
LeMaitre Vascular (NASDAQ:LMAT) has had a rough three months with its share price down 8.3%. However, the company's…
French auditing firm Mazars, which had published proof-of-reserves for Binance and other exchanges, on Friday announced it cut ties with its clients in the crypto industry.
Activision Blizzard exec Daniel Alegre is joining Yuga Labs as its new CEO.
You can get Social Security benefits and work at the same time. But if you haven't reached full retirement age, your benefits could be reduced.
Carley Chase found her dream home in Chandler, Ariz., this summer: a three-bedroom ranch, close to work, with a pool and a backyard lined with palm trees. Rising borrowing costs have dramatically increased the cost of buying a home this year, reviving interest in mortgage products like temporary buydowns that fell out of favor after the 2008 financial crisis. A series of interest-rate rises have rippled through the U.S. economy, and more are projected to be on the way.
It was previously reported that Hoeptner left the company in October 2022.
Asian stock markets fell again Monday as investors wrestled with fears the Federal Reserve and European central banks might be willing to cause a recession to crush inflation. Shanghai, Tokyo, Hong Kong and Sydney declined. Wall Street fell Friday after the Fed raised its forecast of how long interest rates have to stay elevated to cool inflation that is near a four-decade high.
If you don't want to pay a financial pro to help you plan for retirement, consider mapping out a plan with these simple, do-it-yourself strategies.
Madrigal scored a win in the particularly tricky NASH field on Monday after its study hit both its goals, sending MDGL stock flying.
Market makers' share of crypto options trading volume settled through OTC platform Paradigm has increased as hedge funds, family offices and high-net worth individuals sit on the fence. And it appears the situation could persist for some time. "All About Bitcoin" host Christine Lee presents the Chart of the Day.
More than 100 bitcoins tied to the defunct Canadian crypto exchange QuadrigaCX were transferred out of cold wallets thought to be beyond anyone’s control over the weekend.
Hearings are set for Monday related to a product-liability case that resulted in a $1.7 billion punitive award against Ford. Investors seem nervous.
‘No man who would behave that way at that moment in time can ever serve in any position of authority in our nation again’
Energy stocks have been winners in a bleak year for equities, and Wall Street is betting the sector’s outperformance will persist heading into 2023.

source

How To Make Huge Profits In A Short Time With Crypto
Get detailed training system that shows an absolute beginner (without any skill) how to make huge profits in a short time with crypto.