The study involved representatives from different areas of the crypto industry: cryptocurrency exchanges (Binance and Coinbase), token issuers (Tether), mining companies and blockchain security analysts (Chainalysis).
Journalists say the publication initially invited 60 companies to participate, but 17 immediately declined and eight did not respond.
Bloomberg’s experts were interested in the reasons why companies refuse to do external audits. The main reason was said to be the refusal of cooperation from major auditing firms.
Many accounting firms simply do not have enough expertise in blockchain technology. Some auditors don’t want to be associated with scandalous stories like the story of the collapse of the FTX exchange.
The results showed that representatives from about half of the companies now engage an independent auditor to evaluate the finances.
Meanwhile, 63% of companies had an independent board of directors. Almost all of the 60 firms surveyed have attracted outside investment since their founding.
Earlier American business magazine Fortune formed the Crypto 40 ranking, which includes companies that “have the most significant impact on the crypto industry.”
The 40 organizations are organized into eight categories: CeFi, TradFi, NFT, Infrastructure, Venture Capitalist, DeFi, Data and Protocols.
According to Guerrilla Buzz, about 36% of cryptocurrency projects have stopped publishing content for their marketing efforts in 2023,