FTXThe world’s largest cryptocurrency exchange, drawing attention to transparency after the bankruptcy of Binance as part of proof of reserve over the past weeks bitcoin disclosed its reserves.
In this context, Binance announced that it has agreed with global auditor Mazars for proof of reserve.
Binance, which oversees Bitcoin reserves mazarshas released its official Bitcoin reserve report.
In the report published by Mazars, Binance BTC concluded that its reserves were fully collateralized after a proof-of-reserve and proof-of-debt verification, with a collateralization rate of 101%.
“This audit provides Binance users with the ability to independently verify, through Merkle-Proof, that their assets are included in the total liability calculation.
The audit was performed at 23:59:59 UTC on November 22.
During the assessment, Mazars observed that in-scope assets controlled by Binance exceeded 100% of total platform liabilities.”
Binance announced the results of the audit in his post on Twitter.
“Binance is working with global audit, tax and advisory firm Mazars as part of its user fund transparency study and Proof of Reserves updates.
Mazars’ first report on Binance’s Bitcoin Proof of Reserves was published today.
Stay tuned as other tokens are coming soon.”
as part of #Binance‘s user fund transparency work and Proof of Reserves updates, we’re working with digital assets experts at global financial audit, tax and advisory firm, @Mazars_SA.
The first report from Mazars about Binance’s $BTC Proof of Reserves has been published today.
— Binance (@binance) December 7, 2022
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!