Bitcoin Miner Riot Dumps Auditor for ‘Big Four’ Accounting Firm

Bloomberg found that nearly half of crypto companies recently surveyed receive audit services from Deloitte, EY, PwC or KPMG


Michail Petrov/Shutterstock modified by Blockworks


Riot Platforms is looking to switch accounting firms as the landscape for crypto company auditors remains in flux.  

The bitcoin mining company “dismissed” its previous accounting firm Marcum on May 18, appointing Deloitte to take its place.

Marcum had audited Riot’s consolidated financial statements for the fiscal years between 2018 and 2022. Deloitte is set to act as the mining company’s independent registered public accounting firm for 2023.

The change was “not as a result of any disagreement on any matter of accounting principles or practices, financial statement disclosure, or audit scope or procedure,” according to a regulatory filing

Spokespeople for Riot and Marcum did not immediately return requests for comment. 

A stockholder vote on the change — not required by law to ratify the decision, but proposed “as a matter of good corporate practice” — is slated for June 27, the filing adds. 

The auditor change comes as crypto companies have expressed that some large accounting firms are hesitant to offer them auditing services. 

Mazars Group, whose clients included and Binance, reportedly suspended work with crypto firms in December. 

A Binance spokesperson told Blockworks at the time that a “Big Four” accounting firm — considered to be Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC) and KPMG — were “currently unwilling” to conduct a proof-of-reserves audit for a private crypto company. declined to comment on which firm it now uses as an auditor, while Binance did not immediately return a request for comment. 

Accounting firm Armanino was also reportedly pausing work within the crypto industry in December. The company had conducted multiple proof-of-reserves audits for crypto exchange Kraken in 2022.  

Kraken did not return a request for comment.    

A Bloomberg survey of 24 crypto companies last week found 46% of them had their full financial audits completed by a “Big Four” firm.

Three firms reported receiving auditing services from Marcum. Coinbase, Circle and Ripple are among the industry players that receive annual audits from Deloitte.

Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.

Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.


upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

Cosmos Hub: ATOM Economic Zone


Replicated Security, the Hub’s Validation-as-a-Service offering that went live in March, is the first step in bringing value accrual to ATOM stakers.



OP holders might not be feeling very optimistic with the rollup’s token unlock schedule now in effect


Two lords are pushing for the government to ensure that the Bank of England could not implement “Britcoin” without legislative backing


This is the second fee switch proposal that failed to pass a community vote


This partnership comes as Nike released its first NFT collection, Our Force 1, this month


The weaknesses of large language models like ChatGPT are “too great to use reliably for security,” OpenZeppelin’s machine learning lead says


Giddy will now enable users to spend their yield on real-world goods and services