Binance's bitcoin reserves are collateralized 101% according to Mazars report

Global auditor Mazars today concluded that crypto exchange Binance's bitcoin reserves are fully collateralized, following a proof-of-reserves and proof-of-liabilities verification.

The collateralization ratio considers in-scope assets lent through the margin and loans service offering, which are collateralized by out-of-scope assets. It only focused on the exchange's bitcoin holdings on multiple blockchains. Mazars deemed this to be 101%, according to an announcement on Mazars's website.

"At the time of assessment, Mazars observed Binance controlled in-scope assets in excess of 100% of their total platform liabilities," it stated. The audit took place on Nov. 22 at 23:59:59 UTC.

Binance users are also able to independently verify that their assets were included in the audit.

Update: This article has been updated to clarify the report is only for Binance's bitcoin reserves. The headline has also been adjusted.