In case you just clueless how audit works. Mazars, who were Binance auditors, are global firm with 44,000 employees. There was a team who was auditing Binance, and they just walked out. Then CZ used Tether excuse, they just do not understand crypto.
Crypto Exchange Binance is not likely to fail
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In case you just clueless how audit works. Mazars, who were Binance auditors, are global firm with 44,000 employees. There was a team who was auditing Binance, and they just walked out. Then CZ used Tether excuse, they just do not understand crypto.
hahaha nice one and well played! haha
Yeah exactly as I stated. They walked out because they made so much money that they could live off their earnings for the rest of their lives.
Thank you CZ for making their lives better!
And you are full of shit. Sorry can't help to point out the utter stupidity of your point/claim/hunch/joke.
I still don't know why crypto exchanges are allowed to act like brokerages, exchanges, and banks all rolled into one. If they were forced to act like a true exchange like NYSE or CME (not that they are not without problems of their own), there wouldn't have been so much stink about comingling and locking people out of their funds.
Yeah, crypto needs to be regulated because human greed can never be decentralized.
Yeah, crypto needs to be regulated because human greed can never be decentralized.
Im not so sure he does.... I mean how does one be so consistently wrong and pay no attention to facts and data?? Only a spud does that. Tokenz is the perpetual donor to the market....and my retirement fund
I don't normally wade into this kind of pissing contest. But this claim is incredibly naive. The auditor that withdrew from their engagment with Binance is Mazars, and it is a very large international accounting firm. The media has reported that Mazars has suspended all work with all of its crypto clients. So this may not be a reflection on Binance specifically; it sounds more like a business decision that reflects on the overall state of the crypto industry.
But the claim that the auditor was "paid so much that he felt the need to retire" is, indeed, ridiculous. The auditor is not a he. The auditor is not an individual. The auditor is a very large international accounting firm. Accounting firms do not retire. An individual accountant at the firm can certainly retire, but when that happens, the firm will generally continue to service the clients that were serviced by the person who has retired.
Referring to the Binance's auditor as "he" and speculating that he retired conjures up an image of one guy, working in an office somewhere, who is the "Binance auditor." That's... just not how things work at large multinational corporations.
If I have a small family restaurant with gross sales of $750K per year, then yes, it is possible that I might have to find a new accountant on short notice if the guy who has been doing my books, taxes and payroll for the last five years decides to retire, or if he has a heart attack and does not have a proper business succession plan in place. That kind of thing actually happens all the time.
That doesn't happen at businesses the size of Mazars and Binance.
An official statement from Mazars said that it had "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."
https://www.cnbc.com/2022/12/16/maz...ypto-clients-including-binance-cryptocom.html
Mazars is the same accounting firm that quit doing work for Trump. According to documents filed in court in New York, the firm declared that a decade’s worth of statements of ex-President Donald Trump’s financial condition "should no longer be relied upon."
https://www.cnbc.com/2022/02/14/trump-tax-firm-says-documents-not-reliable.html
I mean, seriously... does @Tokenz think that the "auditor who quit" was an individual employee at Binance?? LMFAO
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Ok and how do you know that he wasnt tipped by CZ?
Its like when you have a pizza delivered to your door, do you just pay the company or do you also tip the driver for their services? And at what percentage?
Lets say CZ paid 500 million in taxes, and paid 1% as a tip to his auditor.
Nuff said
There is no he.
Any organization the size of Binance will have an entire team of accounting professionals assigned to it. Your continued use of the pronoun he reveals that you actually believe that the "auditor" who "quit" is an individual.
This is a fundamental misunderstanding of what the terms auditor and audit actually mean in this context.
Do you think an individual accountant at Mazars literally quit his job, and that's why the firm is no longer providing auditing services to Binance? Read the articles that I linked. This is not about an individual person quitting their job. LOL