Global auditor Mazars today concluded that crypto exchange Binance’s bitcoin reserves are fully collateralized, following a proof-of-reserves and proof-of-liabilities verification.
The collateralization ratio considers in-scope assets lent through the margin and loans service offering, which are collateralized by out-of-scope assets. It only focused on the exchange’s bitcoin holdings on multiple blockchains. Mazars deemed this to be 101%, according to an fōlafolaga on Mazars’s website.
“At the time of assessment, Mazars observed Binance controlled in-scope assets in excess of 100% of their total platform liabilities,” it stated. The audit took place on Nov. 22 at 23:59:59 UTC.
Binance users are also able to independently verify that their assets were included in the audit.
Update: This article has been updated to clarify the audit is only for Binance’s bitcoin reserves.
© 2022 O le poloka Crypto, Inc. Ua Taofia Aia Tatau uma. Lenei tusitusiga na saunia mo faʻamatalaga naʻo. E le ofoina pe manaʻo e faʻaaogaina e pei o tulafono, lafoga, tupe teufaafaigaluega, tupe, poʻo isi fautuaga.
Source: https://www.theblock.co/post/192861/binance-collateralized-mazars-audit?utm_source=rss&utm_medium=rss