According to new documents It was published On December 7, South African auditor Mazars confirmed that cryptocurrency exchange Binance manages $9.7 billion worth of customer Bitcoin (BTC) 575,742.42 at the time of going public. In the process, Mazars said, Binance has him 101% collateralized.
The range of inquiries included client spot, options, margin, futures, funding, loans, and acquisition of Bitcoin and Wrapped Bitcoin (WBTC) accounts. Besides the Bitcoin network, inquiries also included BTC wrapped in Ethereum, the BNB chain and the Binance smart chain.
As part of its stockpiling proof pledge, Binance requested an agreed upon procedure (AUP), or limited-scale audit, as of November 22nd. Of the results, Mathers writes:
We make no representation as to the adequacy of the AUP. This AUP Agreement is not an endorsement agreement. Accordingly, we do not express any opinion or endorsement conclusions. , other matters may have been noted. have been reported.”
As disclosed in the procedure, Mazars independently obtained the nominal value of Binance customers’ assets by testing various exchange-controlled wallet addresses. The auditor asked her Binance to transfer the assets back to the specified address to verify proof of ownership. Additionally, the company used its own software to aggregate the acquired customer data and calculate the Merkle Root Hash. This allowed Binance clients to independently cryptographically verify Merkle Leaf as part of Merkle Root.
“We comply with relevant ethical requirements. For the purposes of this agreement, there are no independence requirements with which we must comply.”