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According to a new document published on Dec. 7, South-African auditor Mazars confirmed that cryptocurrency exchange Binance possessed control over 575,742.42 of customers' Bitcoins (BTC) worth $9.7 billion at the time of publication. Through the process, Mazars stated that "Binance was 101% collateralized."The scope of the inquiry included customers' spot,
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The report was meant to assure customers that their bitcoin (BTC) assets are collateralized, exist on the blockchain and are in Binance’s control. Mazars took a snapshot of Binance’s total reserves and liabilities on Nov. 22 to perform a collateralization analysis. Assets included were customers’ spot, options, margin, futures, funding,
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Crypto exchange KuCoin hired the international accounting firm Mazars for a third-party audit of its proof of reserves (PoR). According to an announcement on Dec. 5, the verification will provide the exchange customers additional transparency and reporting on whether their in-scope assets are collateralized, along with details on main, trade, margin,
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sponsored Leading global cryptocurrency exchange, Bitget, announces today that it is launching its Proof of Reserves Page, which will demonstrate to users that we are a full-reserve exchange, as supported by its Proof of Reserves (“PoR”), using the cryptographic-audited Merkle tree method, and that users’ assets stored on the platform
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Cryptocurrency exchange Binance is working with accounting firm Mazars as part of its proof-of-reserve (PoR) audits triggered by the fall of FTX.Mazars, the accounting firm that worked for former United States President Donald Trump’s company, was appointed as an official auditor to conduct a “third party financial verification” as part
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Two weeks after Binance initially pledged to develop a proof-of-reserve (PoR) mechanism in response to the FTX liquidity and bankruptcy fiasco, it published its official response.In an announcement on the Binance website, the exchange outlined how users can use the mechanism to verify its holdings. Currently, the only token available to verify
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Crypto exchange OKX has released a Proof of Reserves page that allows users to audit its reserves to make sure it is solvent. This comes at a time when crypto exchanges are coming under greater scrutiny after the collapse of FTX. OKX announced the new page in a tweet, as well
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About $751 million of that is held in debtor entities and the rest, $488 million, is in non-debtor entities, according to the document, filed on Monday by FTX's proposed financial advisor, Alvarez & Marsal North America. About $514 million is unrestricted cash, $260 million is custodial and $465 million is
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Cryptocurrency investment product provider Grayscale Investments has refused to provide on-chain proof of reserves or wallet addresses to show the underlying assets of its digital currency products citing “security concerns.”In a Nov. 18 Twitter thread addressing investor concerns, Grayscale laid out information regarding the security and storage of its crypto
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In addition, proof of liabilities is required to determine leverage and the safety of assets, and proof-of-reserve procedures often rely on third-party audit firms that can be manipulated or “may even be created by the trading platform itself,” the note added. And, even if users notice asset-liability mismatches, there is
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