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Auditor Confirms Binance Holds 101% Collateral of Users’ BTC Deposit

Published 2022-12-08, 07:05 a/m
© Reuters Auditor Confirms Binance Holds 101% Collateral of Users’ BTC Deposit

  • A global audit firm confirmed Binance has more BTC to protect customer deposits.
  • The auditor noted that Binance has a 101% collateralization ratio on 575,742 Bitcoin
  • Previously, Kraken’s CEO called Binance’s PoR bullshit without an external audit.

On Wednesday, Mazars, a global audit, tax, and advisory firm, confirmed that the most significant crypto asset manager, Binance, has more Bitcoin on hand than is required to cover customer deposits.

The firm’s page providing Binance’s proof-of-reserves and proof-of-liabilities verification read:

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

The auditor noted that Binance has a 101% collateralization ratio on 575,742 Bitcoin (BTC) net customer deposits as of November 22, 2022. Interestingly, the data matched the one given by Binance in its first proof of reserves report from last month.

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