Binance Shares Bitcoin Proof of Reserves Audit Report

Binance Shares Bitcoin Proof of Reserves Audit Report
  • Binance announced on Twitter that it is collaborating with Mazars.
  • The crypto exchange had its reserves and liabilities verified on November 22, 2022.

In an effort to reassure its customers, the biggest cryptocurrency exchange, Binance, recently made public the private information that identified its hot and cold wallet addresses. Additionally, the exchange committed to sharing the future Merkle Tree of funds. In any case, the cryptocurrency exchange has delivered as promised and released its first audit report.

Binance announced on Twitter that it is collaborating with Mazars, a worldwide financial audit company, on its user fund transparency efforts and Proof of Reserve. The release of BTC reserve proof was announced. 

More Cryptocurrencies Expected Soon

According to the report, Binance had its reserves and liabilities verified on November 22, 2022. According to the auditing companies, the crypto exchange had scope assets worth more than its total platform liabilities. The current net customer balance for Bitcoin on Binance is 575742.4228. It did, however, note that data for additional currencies would be made available shortly.

The auditing company claimed to have compared the declared balances of all blockchain assets under its purview. There were no discrepancies larger than 1%, however. The company looked through the Customer Liability Report to ensure that no duplicate IDs were there. Users’ IDs were discovered to be hashed and shortened to 16 bytes. However, there were no instances of duplicate user IDs.

The scripts used by Binance to extract the aggregate value of user accounts were reviewed by the auditing company. Using this free and open-source software created by SilverSixpence, Mazars ensured that there were no duplicate user IDs and built its own Merkle tree.

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