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Binance has its Bitcoin (BTC) reserves over-collateralized

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Binance’s latest audit revealed that the exchange’s Bitcoin (BTC) reserves are over-collateralized.. This latest audit was conducted by the international firm Mazars, which is completely external to the exchange.

Binance is the largest capitalized exchange company in the digital asset market. From its leading position, the platform wanted to set an example for the rest of the centralized exchanges and increase the degree of transparency of its accounts and operations to customers.. Binance was almost forced to make this decision after the FTX collapsean event that few in the community saw coming because of the opacity of the now bankrupt stock exchange’s accounts.

To reinforce this transparency, Binance underwent a new audit of its accounts and reserves by the financial, tax, and consulting firm Mazars.. The results of the audit were published today and reveal not only that Binance’s accounts are healthy, but that they are even healthier than in the past. overprotected.

According to Mazars’ analysis, the reserves Binance’s reserves comprise more than 100 percent of the assets deposited by its users. Specifically, the company confirmed that. Binance customers’ Bitcoin (BTC) is over-collateralized by 101%. of the total. This means that Binance’s reserves exceed the total BTC deposited by its customers by 1%.

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The fact that Binance’s BTC reserves were over-collateralized was revealed in late November by Binance itself. Changpeng ZhaoCEO of Binance. The news was revealed in conjunction with the launch of the system. Proof of reserves (PoR) by Binance.

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In itself, Binance’s goal with this verification was to reassure customers that their BTC is secured, it exists on the blockchain. To perform the analysis, Mazars took a snapshot of the total BTC balance last Nov. 22, which includes all reserves and total liabilities of the asset.

Continue reading as Tether launched its stable asset pegged to the Chinese yuan (CNH₮) on the Tron network., you may find it interesting.

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