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Binance's Bitcoin holdings are fully backed

After an audit by Mazars' accountants, it's clear: Binance holds enough Bitcoin to cover customers' deposits.

By Finst News
• 3 min read
Binance's Bitcoin holdings are fully backed

After an audit by Mazars' accountants, it's clear: Binance holds enough Bitcoin to cover customers' deposits.

The auditing firm Mazars published a report on Binance's BTC reserves. The audit took place on November 22, at the time Binance published its own proof-of-reserves dashboard. According to the audit, the exchange held enough BTC and WBTC to "cover the balance of all customers" as of the reporting date. Because Mazars focused solely on Bitcoin holdings, there is still no independent verification of the altcoin balances.

Binance owes no one a loan

Meanwhile, the relevance of the proof-of-reserves is also in question, since the liabilities side isn't included. They show only the asset side of the exchange's balance sheets. Binance CEO Changpeng "CZ" Zhao View post on X however provides a revision of the liabilities. "We're not owed any loans by anyone. You can ask around," he said. After Binance began publishing its reserves a few weeks ago, other trading platforms followed suit with the same example.

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