Despite the fact that the price of Binance native token BNB has fallen to its lowest level since July as concerns over its stress test grow, the volume of 24-hour trading shows a bullish trend with a notable surge of almost around 80%.
Data from CoinMarketcap shows that the fifth-largest cryptocurrency by market cap, BNB fell by nearly 7% over the last day and by 17.14% over the past week. BNB’s price dropped as low as $225 earlier today, the lowest level in four months. This lowest price was last seen in July.
However, a positive uptick in BNB’s trading volume over the past 24 hours can be witnessed as the price somewhat recovers and is currently trading at $237.82.
While the total cryptocurrency market cap has declined by 3% over the last 24 hours, both Bitcoin (BTC) and Ethereum (ETH) have also fallen from their previous key marks.
BTC dropped from $17,846.74 to $16,709.70, while ETH dipped similarly from $1,311.07 to $1,180.76 over the course of this past day, with significant losses in both daily and weekly charts.
Binance’s BNB Drops As Mazars Group Pauses Activity
As Tronweekly reported on December 16th, Mazars Group, a renowned global audit, tax, and consultancy business, has suspended its services for all cryptocurrency customers globally, including Binance. The statement was sent by a Binance representative to Bloomberg via email.
However, Mazars Group said in a statement to CNBC:
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.
The statement further stated that Mazars’ proof of reserves reports are produced in compliance with Reporting Standards pertinent to an Agreed Upon Procedures report.
They are not assurance reports, nor are they audit opinions; instead, they report limited findings of what has been found so far. This finding was made on the subject matter at a particular point in time.
Nevertheless, On December 7th, the South African division of Mazars released a five-page proof of reserves for Binance; however, as of Friday, the report was no longer accessible on the company’s website.
The Binance proof of reserves differed from conventional audits in that it only included bitcoin. Liabilities for the lending arm were not disclosed in the report. The CEO of Binance, Changpeng Zhao, has frequently said that the business is debt-free.
However, as FTX navigates bankruptcy court and trustees seek to recover any fraudulent conveyances made by FTX to outside firms or investors, CZ played down concerns that his company would face financial pressure in an interview with CNBC on December 15th.