Accounting Firm BDO Considering Approach For Crypto Companies

BDO, an accounting firm that recently approved reserves reports for Tether, announced on Friday that it is reevaluating its work for crypto companies in the same way that other accounting firms do, the Wall Street Journal report.

A spokesman of the BDO global network told WSJ:

“In common with several other professional service firms, we are currently evaluating our approach to this sector and the work we undertake for our clients.”

The spokesman refrained from commenting on any specific companies.

As Coincu reported, the sixth-biggest auditing firm in the world, BDO Audit Services Company Limited, has teamed with Tether, the largest stablecoin issuer in the world, to help it provide attestation financial statements for its USDT stablecoin reserves. This partnership was revealed in August.

Following the announcement that Mazars, a multinational accounting firm, will cease working with cryptocurrency customers globally, BDO released a statement. Mazars had published multiple “proof of reserve reports” for digital-asset platforms.

According to a Financial Reporting Council assessment from July, the audit of Revolut, also a crypto payment company, by accounting firm BDO was “inadequate” and exposed the company to the “risk of an undetected material misstatement.”

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