CryptoQuant revealed that Binance’s BTC liabilities or customer deposits are 97% collateralized by Binance’s assets. This collateralization grows 101% when the BTC loaned out to customers is included.
What does Binance’s Proof of Reserve (PoR) report tell us from an on-chain perspective?
A short thread 👇@binance @cz_binance pic.twitter.com/2vAoOmFb63
— CryptoQuant.com (@cryptoquant_com) December 15, 2022
The analytics provider reported that
The report also said that compared to the bankrupt
CryptoQuant noted in the report:
Some market analysts have criticized Binance’s report because the auditor made no representation regarding the appropriateness of the Agreed-Upon-Procedure and did not express their professional opinion or an assurance conclusion.
It was also on Friday that the authors of Binance’s last week reserves report, Mazars, stopped “all work for crypto clients.” . According to Bloomberg, the auditor suspended “all work for crypto clients.” The decision to say no to crypto came after the release of a controversial report about Binance last week. Following the backlash, Mazars pulled down the report from its website.