Global audit firm Mazars identified 101 percent collateralization in the first report of the Binance Proof of Reserve audit.
Cryptocurrency exchange Binance has launched a proof-of-reserve system for transparency and reliability. Binance Proof of Reserve has been a new feature that has also mobilized other exchanges. The proof system that emerged with the bankruptcy of FTX also marked the beginning of a new era in the crypto industry. Now, companies providing crypto money services provide assurance to their investors by providing proof of reserve. In addition, Binance engaged Mazars on a third-party audit of the proof-of-reserve system. Mazars has released its first report on Binance Proof of Reserves.
Binance Proof of Reserve Approved by Mazars
Binance, the world’s largest cryptocurrency exchange, received its first approval under Proof of Reserve (PoR). Mazars announced that the exchange’s Bitcoin (BTC) reserves are collateralized by 101 percent.
The auditing company announced its audit via its website. “During the assessment, Mazars observed that in-scope assets controlled by Binance exceeded 100 percent of total platform liabilities,” the announcement said. statement was made.
Mazars will continue to audit and report.
31909
