In order to avoid another disaster like the one experienced by the FTX exchange, players in the crypto industry as well as the blockchain must now provide proof of reserves. These guarantee the proper management of user funds by the platforms. Likewise, users can easily assess the health and amount of assets that different exchanges enjoy. Binance was one of the first companies to submit to this requirement, and the report published by Mazars is rather reassuring.
Mazars report on Binance is reassuring!
On November 22, the global auditor Mazars, concluded that Binance’s bitcoin reserves are reliable and guaranteed. Indeed, the auditor rendered his verdict following a verification of the proofs of reservations as well as the proofs of liability.
To this end, Mazars, whose reputation is well established, made an announcement in which it considers the reserves bitcoins from Binance at 101%. This audit of reserves takes into account in-scope assets loaned through the provision of margin services. It also takes into account loans that are secured by assets outside the scope.
Additionally, Mazars valued the assets that Binance controlled at the time of the audit. The ratio is over 100% of the platform’s total liabilities. This is great news for Binance users. Now they can independently verify that their assets have been included in the audit.
Moreover, users are a little disappointed. In fact, the audit considered only bitcoin assets to the detriment of other cryptocurrencies or digital assets.
After the verification carried out by the global auditor Mazars, The Binance exchange platform can blow. Indeed, it presents a ratio proving that its bitcoin reserves are guaranteed. In addition, all Binance users will be able to check if their assets are taken into account during the audit
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