• About Us
  • Jobs
  • Contact
  • Login
  • Register
Crypto Mufasa
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
Crypto Mufasa
No Result
View All Result
ADVERTISEMENT
Home Crypto Exchanges

Binance has released its Bitcoin Proof of Reserve Audit Report

Hania by Hania
December 7, 2022
in Crypto Exchanges, Bitcoin News, General News
Reading Time: 3 mins read
A A
0
Binance Australia's Derivatives License Revoked: Regulatory Crackdown Continues
Tweet

In Brief:

    • What is said in the Binance PoR Report?
  • You May Also Like:
  • Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures
  • Kraken’s Canada Customer Deposits Increased 25% After Crypto Exchange Binance Left Due To Rising Regulatory Restrictions In North America
    • Duplicate IDs?
      • Also Read:

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.

You May Also Like:

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

June 2, 2023
Kraken’s Canada Customer Deposits Increased 25% After Crypto Exchange Binance Left Due To Rising Regulatory Restrictions In North America

Kraken’s Canada Customer Deposits Increased 25% After Crypto Exchange Binance Left Due To Rising Regulatory Restrictions In North America

June 1, 2023

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.

Binance has released its Bitcoin Proof of Reserve Audit Report

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

Tags: auditingBTCcrypto exchangecryptocurrencymazars
Tweet47Share76ShareSendPin17ShareSend
ADVERTISEMENT
Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures
Crypto Exchanges

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

June 2, 2023
Kraken’s Canada Customer Deposits Increased 25% After Crypto Exchange Binance Left Due To Rising Regulatory Restrictions In North America
Crypto Exchanges

Kraken’s Canada Customer Deposits Increased 25% After Crypto Exchange Binance Left Due To Rising Regulatory Restrictions In North America

June 1, 2023
Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead
General News

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

June 1, 2023
Crypto.com Obtained Digital Token License In Singapore
General News

Crypto.com Obtained Digital Token License In Singapore

June 1, 2023
Massive Layoffs At Binance? The Company reveals It Is “Reevaluating” Roles
Crypto Exchanges

Massive Layoffs At Binance? The Company reveals It Is “Reevaluating” Roles

May 31, 2023
Bybit Exits Canada Due To Recent Regulatory Development
Regulation

Bybit Exits Canada Due To Recent Regulatory Development

May 31, 2023
Coinbase Receives A Wells Notice From SEC For Listing Unregistered Securities
Regulation

Coinbase Insider Trading Case Against Wahi Brothers Settled By SEC

May 31, 2023
Binance Exits Canada Due To Rising Regulatory Restrictions In North America
Crypto Exchanges

Binance Will Stop Crypto Services In Japan From November 30

May 30, 2023
Crypto Investments You Should Avoid in June 2023
Bitcoin News

Crypto Investments You Should Avoid in June 2023

May 30, 2023
Load More
  • Trending
  • Comments
  • Latest
idmining cloud mining

The New Era of Passive Income Brings Another Amazing Opportunity To Make Money With IDMining

May 5, 2023
Passive Income HappyMiner

Earn Passive Income Cloud Mining With HappyMiner – A Quick Guide!

May 8, 2023
Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

May 19, 2023
76 Cryptocurrencies Are Now Prohibited, Beware!

76 Cryptocurrencies Are Now Prohibited, Beware!

May 11, 2023
Sparklo (SPRK) Top Profitable Investments

Rising Market Reputation for Sparklo (SPRK) While Dogecoin (DOGE) And Solana (SOL) Witness Varying Price Trends

June 5, 2023
Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

June 5, 2023
Atomic Wallet Hacked, Users Lost Entire Portfolios

Atomic Wallet Hacked, Users Lost Entire Portfolios

June 5, 2023
sparklo finanace presale

Sparklo (SPRK) Presale Advances As Litecoin (LTC) Prices Explode

June 4, 2023
ADVERTISEMENT
Crypto Mufasa

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Navigate Site

  • Contact
  • Terms Of Service
  • Privacy Policy
  • Crypto Prices
  • Crypto Exchanges
  • Work With Us

Follow Us

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In