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

Quick Take

  • Mazars concluded that Binance’s bitcoin reserves are fully collateralized, following a proof-of-reserves and proof-of-liabilities verification.
  • The collateralization ratio is 101%.

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.

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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.


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About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].

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