Crypto exchange operator Payward, Kraken’s parent company, on Tuesday petitioned the Delaware Court of Chancery for final judgment after an arbitrator awarded it $22 million against US audit firm Mazars USA.
The dispute traces back to Mazars’ decision in December 2023 to withdraw from Kraken’s 2022 audit, which was nearly finished and only days from its expected completion, according to Kraken. The firm had audited Kraken’s financial statements for three years and issued two clean opinions.
“When they withdrew, Mazars confirmed in writing that they had no disagreement with our management, no concerns about our integrity, and that they had found no fraud,” said Arjun Sethi, co-CEO of Payward.
Kraken says Mazars cited uncertainty tied to legal developments, including an SEC enforcement action filed against Kraken in November 2023. The SEC dismissed that case with prejudice in March 2025, with no penalties or admission of wrongdoing.
Mazars’ departure came during a period when major accounting firms were pulling back from crypto engagements. Kraken says it has received clean audits every year since.
