Binance Reserves Clear Threshold

A proof-of-reserve audit from Mazars shows that Binance has 101% of its Proof-of-Liabilites collateralized. The latest audit is another step for Binance to show transparency of its books and prove it has more than enough to cover users’ assets.

According to the Dec.. 7 audit report, Mazars performed seven different procedures to show how Binance’s assets “are collateralized, exist on the blockchain(s) and are under the control of Binance.”

"At the time of assessment, Mazars observed Binance controlled in-scope assets in excess of 100% of their total platform liabilities," the report says.

Mazar’s looked at assets under Binance’s custody on different blockchains, including Ethereum and BNB Chain. The auditor put the assets through several tests to prove ownership and custody.

“For the purpose of this engagement the customers’ spot, options, margin, futures, funding, loan and earn accounts for bitcoin (“BTC”) and wrapped bitcoin (“BBTC” and “BTCB”) held on the Bitcoin, Ethereum, BNB Chain and Binance Smart Chain blockchains will be defined as the In-Scope Assets,” writes the report.

CZ approves of the latest move of transparency.

Proof of Liabilities and Proof of Reserves reviews are independent checks conducted on centralized crypto exchanges by third-party auditing groups. The goal is to ensure exchanges hold the assets they claim.

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

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