On Friday morning, as CEO Changpeng Zhao tried to win back clients’ faith after a tough week, concerns about Binance grew more serious. Investors in Binance were dissatisfied with the exchange’s Proof-of-Reserves audit, as CryptoNews reported earlier this week.
Besides briefly stopping withdrawals on stablecoin USDC, the exchange also experienced a surge of investor fear that resulted in more than $3 billion in withdrawals in only 24 hours.
The announcement follows the FTX catastrophe and is consistent with current rumours that Zhao may be charged with money laundering in the US.
The Mazars Group has now taken the Binance audits down from its website. In late November, the Group was selected as the official auditor of Binance’s proof-of-reserve upgrades.
According to Bloomberg, Mazars has now stopped working with any cryptocurrency customers, dealing a devastating blow to a sector looking for certainty following the failure of FTX.
The link to the report on Mazar’s website has now been removed. Earlier this month, the accounting firm’s proof-of-holdings audit revealed that its Bitcoin reserves were over-collateralised.
The auditor also discovered that Crypto.com was completely backed 1:1, whereas KuCoin’s BTC, ETH, USDT, and USDC reserves were over-collateralised.
A spokeswoman for Binance provided CoinDesk with the following incredibly succinct statement in reaction to the news:
“According to Mazars, all of its cryptocurrency clients worldwide, including Crypto.com, KuCoin, and Binance, will have their operations temporarily halted. We shall, regrettably, be unable to collaborate with Mazars at this time.”
According to the company, all of Mazars’ cryptocurrency customers will have their activities temporarily paused, including Crypto.com, KuCoin, and Binance. We regretfully won’t be able to work with Mazars at this time.
Dash 2 Trade will provide various tools, data, and insights to assist its customers in the latter stages of its presale.
Users may utilise various tools and data to improve their trading and investing decisions by subscribing to the market-leading dashboard using D2T tokens monthly.
Dash 2 Trade, which is now in the closing phases of its presale, will offer a range of tools, data, and insights to help its clients.
Users can use D2T tokens monthly to subscribe to the industry-leading dashboard to access several tools and data to help them make better trading and investment decisions.
Following the FTX crash, the Dash 2 Trade developers decided to shorten the presale, reducing it from nine stages to four. They did this after realising that cryptocurrency traders and investors desperately needed trustworthy resources to assist them in navigating the market.
The crew is doxxed and composed of a group of seasoned professional traders that created Learn2Trade, an educational forex and cryptocurrency trading platform with 70,000 members and a four-star TrustPilot rating.
Less than 65 million tokens will soon be available for purchase, and the initiative has approximately $10 million in cash.
D2T tokens are presently available for purchase for $0.0533, and when the presale concludes, listings will be ready on prestigious exchanges, including LBank, BitMart, and Changelly Pro.