The world’s largest crypto exchange is still at the center of a FUD-fest, but an independent analysis by CryptoQuant has backed its proof of reserves audit.
by CryptoQuant released on Dec. 14 says its analysis confirms that Binance reserves are accounted for.as being an “Agreed-Upon-Procedure” and not a full audit.
Additionally, the report didn’t address the effectiveness of internal financial controls, according to the former chief of the Securities Exchange Commission's Office of Internet Enforcement, John Reed Stark. But CryptoQuant has backed the findings by audit firm Mazars stating that liabilities reported by Binance are very close to its estimation of 99%.
“The report shows Binance’s BTC liabilities are 97% collateralized by the exchange assets. Collateralization increases to 101% when the BTC lent to customers is accounted for.”
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