“At the time Binance’s Proof of Reserves report was conducted, CryptoQuant’s estimate of Binance’s BTC reserves (liabilities) was 591,939 BTC. This compares to the PoR report’s Customer Liability Report Balance of 597,602 BTC. We can see that CryptoQuant data covered 99% of Binance’s liabilities,” CryptoQuant wrote, using the ticker symbol for bitcoin. Collateralization is 101% when taking the exchange’s assets and debtors into account, it said.
On-Chain Data Shows Crypto Exchange Binance Isn’t Exhibiting ‘FTX-Like’ Behavior
