Mazars has published a report on Binance’s bitcoin reserves. Both the auditing firm and Binance reached the same conclusion. As of November 22, the Binance exchange had enough bitcoins (BTC) and wrapped bitcoins (WBTC) to cover all user balances. At the time of publication, Binance had 575,742.42 BTC in customer assets valued at $9.7 billion.
Mazars stated:
“Binance has requested that we perform an AUP engagement on the customers’ cryptocurrency holdings and corresponding liability of funds owed to the customers of Binance as at 23:59:59 Universal Time Coordinate (“UTC”) on the 22nd of November 2022 (“the reporting date”). The management of Binance acknowledge that the AUP are appropriate for the purpose of the engagement and are responsible for the subject matter on which the AUP are performed. “
Mazars reported on November 22 that it had confirmed that Binance’s assets were collateralized, present on the blockchain, and under the company’s management.
According to the report, the exchange has enough cryptocurrency holdings to cover all its platform liabilities. To reassure users that Binance’s assets and liabilities are in sync, it provides a snapshot of the company’s bitcoin holdings at a specific point in time.
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
Mazars tested a variety of wallet addresses under the exchange’s control and independently determined the nominal value of Binance users’ assets. Auditors also requested the movement of assets to and from specific addresses in order to confirm ownership documentation.
The audit firm used its software to compute the Merkle Root Hash after compiling the collected client data. As a result, Binance Merkle Leaf customers could independently and cryptographically confirm that their Merkle Leaf was a part of the Merkle Root.
Mazars stated in the report:
“We have complied with the relevant ethical requirements. For the purpose of this engagement, there are no independence requirements with which we are required to comply.”
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
