Cryptocurrency markets have been struggling with great difficulties for about a year. After the LUNA crisis in May, FTX declared bankruptcy last month, and many people’s confidence in the market was damaged. In this process, eyes were turned to other major cryptocurrency exchanges.
Binance didn’t lie about its bitcoin reserve
Binance is the leading cryptocurrency market. Binance, which wants to relieve its users after the crises experienced in a row, has recently created a website that reveals its bitcoin reserves in order to relieve its users. According to the figures here, the bitcoin reserves owned by Binance were at a level to cover the balances of all its users.
However, despite all this, the reserves of the cryptocurrency market were once examined by Mazars, an independent auditing firm. As a result of the examinations, the audit firm has reached the same conclusion as Binance. Accordingly, Binance has enough Bitcoin and Wrapped Bitcoin to cover the balances of all its users on the stock market as of 23:59 on November 22.
Countries with the most cryptocurrencies! Which rank is Turkey?
According to the research conducted among internet users, the countries with the most crypto money were announced. So where is Turkey?
Binance announced that its users collectively own 575 million 742 thousand 228 BTC worth of cryptocurrencies ($9.7 billion at today’s exchange rate). The company also confirmed that it has enough bitcoins and wrapped bitcoins to cover 101 percent of that amount.
Despite all this, it is worth mentioning that these audits only focus on bitcoin. The company has yet to provide any proof of reserve for other cryptocurrencies. Although Bitcoin is the largest cryptocurrency, there are hundreds of cryptocurrencies on Binance. We hope that a similar policy will be followed for other crypto assets in the future.
Binance has yet to share a clear schedule for proving bitcoin reserves. We do not yet know at what intervals the company, which shared its reserves dated November 22, will share this information from now on. However, the short intervals of these shares will increase confidence in the cryptocurrency exchange.
The bitcoin reserve offered by Binance and the fact that this amount has been approved by an independent organization has brought some relief to the crypto money market. So what do you think about Binance’s Bitcoin reserve? You can share your views with us in the comments section.