Binance Seeks to Reassure Crypto World With Proof of Reserves

Crypto exchange Binance Holdings Ltd. on Wednesday released its first proof of reserves, based on a snapshot review by accounting firm Mazars.

The report shows the exchange having sufficient crypto assets to balance its total platform liabilities. It captures a glimpse of Binance’s bitcoin holdings at a specific moment in time to reassure customers that its assets and liabilities match. Mazars, which performed its review on Nov. 22, said it had verified that Binance’s assets were collateralized, existed on the blockchain, and were under the company’s control. It observed that Binance controlled assets in excess of 100% of its total ...