Hey Peeps!
On December 7th, international audit, accounting and consulting firm, Mazars published their report of Binance's Proof-of-Reserves and Proof-of-Liabilities.
A snapshot of Binance's total reserves and liabilities were taken, at November 22nd 2022 23:59:59 UTC, to determine the total collateralization ratio of their Bitcoin asset holdings.
Here is a link to that report:
https://veritas.mazars.com/binance/Binance_POR_Report_7_December_2022.pdf
The audit reported a 101% collateralization ratio on 575,742 BTC in net customer deposits.
This also means that Binance holds more reserves than they are required to, which may put customers at ease during these troubling times.
This is a nice sign to see in these crazy times, with Exchanges dropping like flies.
I also appreciate this gesture of transparency from a crypto company, even if it is just a response to FTX and the collapse of other financial institutions.
With this recent audit report, and their Proof of Reserves system, Binance is quickly becoming my favorite exchange.
Does this give you more trust in Binance?
Is this a smart way to calm people's fears? By actually showing the reserves and being transparent.
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:)
