Mazars reports Binance’s bitcoin holdings are 101% collateralized
After doing a proof-of-reserves verification as well as a proof-of-liabilities verification, Mazars came to the conclusion that Binance’s bitcoin reserves are properly collateralized. The percentage of collateralization is now at 101%.
Following a proof-of-reserves and proof-of-liabilities verification, the international accounting firm Mazars came to the conclusion today that the bitcoin reserves held by the cryptocurrency exchange Binance are properly collateralized.
When calculating the collateralization ratio, in-scope assets that were loaned via the margin and loan service offers are taken into consideration. These loans were secured by out-of-scope assets. It only focused on the several blockchains on which the exchange held its bitcoin assets.
According to a statement that was published on Mazars’ website, the accounting firm rated this as a 101% success rate.
According to what was said in the report, “at the time of assessment, Mazars discovered Binance controlled in-scope assets in excess of 100% of their total platform liabilities.” Auditing was performed on Tuesday, November 22 at 23:59:59 UTC.
Users of Binance also have the ability to check on their own accord whether or not their assets were included in the audit.