BREAKDOWN: Audit Firms Don’t Want to Work With Crypto Companies, and That’s a Problem

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CoinDesk

Business News, Daily News, News, Tech News

4.7 • 698 Ratings

🗓️ 19 December 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mazars and Armanino are getting out of the crypto audit game after a wave of negative PR. This episode is sponsored by Nexo.io, Circle and Kraken. On today’s episode, NLW catches up on the latest in the crypto industry, including: Sam Bankman-Fried changes his tune on extradition DCG-owned coins on the move Audit firms ceasing crypto operations (CoinDesk is an independent operating subsidiary of DCG.) - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds and keeps innovating with products like the Nexo Wallet - a non-custodial smart wallet that allows you to create your Web3 identity. Get early access at nexo.io/wallet. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - Kraken, the secure, trusted digital asset exchange, is our sponsor for today's show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. Your account is covered by regular Proof of Reserves audits, industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com/breakdown. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “Glasgow” by Falls. Image credit: Feodora Chiosea/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:49.6	To the extent that crypto has to interact with the rest of the financial world, there are two
0:53.9	ways in which they can lose their access to key infrastructure such as auditors and banking.
0:58.6	One is regulatory for rules to change in such a way that crypto companies just can't get
1:03.1	banked or can't get audited.
1:04.8	But then there's also the free market way, which is exactly what we're seeing here, where
1:08.5	the risk dramatically outweighs the reward, and those
1:11.0	independent parties aren't willing to do the work on behalf of crypto clients.
1:16.3	Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the
1:23.5	big picture power shifts remaking our world. The breakdown is sponsored by nexo.io,
1:28.9	Circle, and Cracken, and produced and distributed by CoinDesk. What's going on, guys? It is Monday,
1:35.9	December 19th, and today we are catching up on Barry Coins, Sam Extradition, Binance Buying Voyager,
1:42.5	Trump NFTs, you name it, we are catching up on it.
	...

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