Kraken parent Payward won a $22 million arbitration award against Mazars USA, the accounting firm handling its 2022 audit. The fight was over an audit Mazars left unfinished, walking away before issuing a final opinion after previously auditing Kraken without issue. Payward’s position was that Mazars did not allege fraud, did not question management integrity, and did not dispute the financial statements, yet still exited late in the process. The arbitration ended in Payward’s favor.
That unfinished audit mattered because a completed signed opinion helps an exchange maintain credibility with banks, business partners, and regulators. When an auditor withdraws, even without accusing the client of wrongdoing, it can create uncertainty, delay business, and add legal costs.
Kraken is now seeking court confirmation of the award in Delaware, which would turn the arbitration result into a formally recognized judgment. The clearest takeaway is simple: for crypto firms, access to reliable auditors is not a back-office detail. It can directly affect operations, counterparties, and legal risk.