Bitcoin

Binance’s Bitcoin Reserves Are Collateralized 101%

Following a review of the crypto exchange Binance’s proof-of-reserves and proof-of-liabilities, global auditor Mazars came to the conclusion today that the bitcoin reserves are properly collateralized.

Binance's Bitcoin Reserves Are Collateralized 101% 2

The collateralization ratio takes into account in-scope assets that are backed by out-of-scope assets and are loans through the margin and loans service offering. It was only concerned with the exchange’s holdings of bitcoin across various blockchains. This was determined to be 101% by Mazars, according to a statement on Mazars’ website.

“At the time of assessment, Mazars observed Binance controlled in-scope assets in excess of 100% of their total platform liabilities,” it stated.

Users of Binance can also independently confirm that their assets were counted in the audit.

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Annie

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.