8/8/2023 0 Comments Bitcoin binance news"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 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. Binance sees record 138K BTC inflows as opinions differ on what Bitcoin price will do next BItcoin exchange inflows echo 2018 crypto capitulation, but the reasons for the. Approximately $1.14 billion was withdrawn on Tuesday alone.īusiness FTX made a cryptocurrency that brought in millions. 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. News of the outage caused about a 700 dip in the price of bitcoin. after an advertisement was shown at last year's Super Bowl. Crypto miners including Riot Platforms, Marathon Digital and U.S.-listed shares of Hut 8 Mining declined between 5.3 and 6.6, tracking lower bitcoin prices. 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. Binance Suffers Two-Hour Spot Market Outage Due to Software Bug. 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. Belgiums top markets regulator is ordering embattled crypto exchange Binance to immediately cease serving. 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. On Monday, FTX founder Sam Bankman-Fried was arrested by police in the Bahamas at the request of the U.S.
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