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, loan and earn accounts for BTC and wrapped bitcoin (BBTC and BTCB) held on the Bitcoin, Ethereum, BNB Chain and Binance Smart Chain blockchains.
Binance’s Bitcoin Reserves Are Overcollateralized, Says Audit
