Binance's Bitcoin Reserves Are Collateralized 101% According To Mazars Audit
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.
Kabir V.
5:44 8th Dec, 2022
Markets
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 announcement 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.
