On Wednesday, Mazars, an international audit, tax, and advisory firm, confirmed that Binance has more than enough Bitcoin to cover customer deposits. “At the time of assessment, Mazars observed Binance controlled in-scope assets in excess of 100% of their total platform liabilities,” according to the firm’s published page containing verification of Binance’s reserves and liabilities. As of midnight UTC on November 22, the company reported a 101% collateralization ratio on 575,742 BTC in net customer deposits, which matched the figure provided by Binance in its first proof of reserves report last month. This includes Bitcoin assets circulating on other networks such as Ethereum, BNB Chain, and Binance Smart Chain.
