According to the report, on November 22, 2022, Binance undertook a verification of its Proof of Reserves and Proof of Liabilities.
The most vital information about its hot and cold wallet addresses was recently made public by Binance, the largest cryptocurrency exchange in the world, in order to assure users.
Furthermore, the exchange promised to share the potential Merkle Tree of funds. However, the cryptocurrency exchange maintained its promise and published the initial audit report.
What is said in the Binance PoR Report?
In a Tweet, Binance stated that they are collaborating with the Mazars, a leading worldwide financial audit firm, as part of their efforts to increase user fund transparency and implement Proof of Reserve. It stated that the Reserves BTC proof is currently available.
As part of #Binance’s user fund transparency work and Proof of Reserves updates, we're working with digital assets experts at global financial audit, tax and advisory firm, @Mazars_SA.
The first report from Mazars about Binance’s $BTC Proof of Reserves has been published today.
— Binance (@binance) December 7, 2022
The reports for other tokens will, however, be released soon, it was said.
According to the report, Binance verified its proof of reserves and proof of liabilities on November 22, 2022. The auditing companies noted that the cryptocurrency exchange held scope assets that were more than 100% of their total platform liabilities.
The current Bitcoin net customer balance for Binance is 575742.4228.
Duplicate IDs?
The auditing company claimed to have compared the total amount of each blockchain asset included in its scope. They were unable to locate any variations higher than 1%, though.
The company checked the Customer Liability Report for any user ID duplicates. They discovered that the user IDs had been hashed and were just 16 bytes long. However, no duplicate user identifiers were found.
Also Read:
OKX released a proof-of-reserves page, offering instructions on how to self-audit its reserves
CoinMarketCap has launched a proof-of-reserve tracker for crypto exchanges
Crypto.com commits to proof-of-reserves after freezing some deposits and withdrawals
