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.
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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