Blockchain analytics firm CryptoQuant compared Binance to FTX, the recently bankrupt cryptocurrency exchange amid rumors that Binance might go bankrupt.
CryptoQuant is Binance’s latest report, which was featured in a recent report by Mazars. more collateral than its obligations to test the fact that he has on-chain used the data. The company says that Binance is a second FTX. very remote possibility revealed that.
According to the information given, when Binance reserves were analyzed in terms of collateralization, it was seen that the stock market held more assets than its liabilities. On the other hand, the company compares the exits from Binance with the exits from FTX, given the exit volumes of the two exchanges. do not match stated. CryptoQuant has announced that the exits experienced in Binance in recent days are the result of the stock market. small compared to its general reserves. underlined.
Since the FTX bankruptcy, Binance’s Bitcoin (BTC) of reserves increased by 4% against this Ethereum (ETH) and stablecoin the reserves are 5% and 15% decrease place was given.
In addition, CryptoQuant reserves Binance “Clean Reserve Test” He also subjected him to a test he named. In this test, which shows the rate at which exchanges’ reserves are backed by their native tokens, a healthy exchange needs to be backed as little as possible by its own token. In line with this metric, Binance 88.95% It turned out to have clean reserves. Among other exchanges tested OKX %one hundred with most clean Reserved owner exchange while Huobi 56.44% with on this most unsuccessful became the stock market.
Most of the questions about Binance’s financial soundness were raised by the exchange. real-time and transparent presenting the data Proof of Reserves Although answered by the system corporate internal controls capital market actors still reservations appeared to be. However, it is also considered by the actors that Binance avoids luxury company expenses such as FTX in this regard.
Financial Accounting Standards Board former member Professor Hal SchroederAbout the exchange’s internal controls of the proof-of-reserve system offered by Binance cannot give information had reported.