{"id":15325,"date":"2022-12-10T01:55:04","date_gmt":"2022-12-10T01:55:04","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-and-crypto-com-publish-proof-of-reserve-audits-conducted-by-global-auditor-mazars-group-bitcoin-news\/"},"modified":"2022-12-10T01:55:04","modified_gmt":"2022-12-10T01:55:04","slug":"binance-and-crypto-com-publish-proof-of-reserve-audits-conducted-by-global-auditor-mazars-group-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-and-crypto-com-publish-proof-of-reserve-audits-conducted-by-global-auditor-mazars-group-bitcoin-news\/","title":{"rendered":"Binance and Crypto.com Publish Proof-of-Reserve Audits Conducted by Global Auditor Mazars Group \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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This week two cryptocurrency exchanges provided proof-of-reserves in order to highlight that the trading platforms are backing customer assets 1:1. Binance published its report on Dec. 7, 2022, and detailed the global auditor Mazars Group conducted the audit. On Dec. 9, 2022, the exchange Crypto.com published proof-of-reserves records and the verification was also conducted by Mazars.<\/strong><\/p>\n

Binance and Crypto.com Reveal POR Audits<\/h2>\n

Two very large crypto exchanges provided proof-of-reserves (POR) documentation this week following the promises made by exchange executives after the FTX fiasco. The world\u2019s largest crypto exchange, in terms of trade volume, Binance, revealed<\/a> a comprehensive look at assets like BTC<\/a>, BTCB, and BBTC hosted on Mazars Group\u2019s website that shows assets held on Bitcoin, Ethereum, BNB<\/a>, and Binance Smart Chain networks.<\/p>\n

The audit by Mazars took place on Nov. 22, 2022, at Bitcoin block height 764,327, and the report claims assets are backed 101% by collateralized reserves. \u201cAt the time of assessment, Mazars observed Binance controlled in-scope assets in excess of 100% of their total platform liabilities,\u201d the Mazars report asserts. \u201cThe collateralization ratio takes into account in-scope-assets lent through the margin and loans service offering which are collateralized by out-of-scope assets. The Merkle Root was compiled by hashing all client accounts into a single output,\u201d the Mazars audit adds.<\/p>\n

Mazars\u2019 audit on Binance further notes that \u201ctotal liabilities\u201d was accounted for in the attestation. At the end of Nov. 2022, after Binance provided POR addresses<\/a>, Kraken\u2019s Jesse Powell criticized<\/a> the proof and said that the \u201cstatement of assets is pointless without liabilities.\u201d Powell has shared his two cents about the latest audit from Binance as well and lambasted<\/a> the Binance POR again on Dec. 8.<\/p>\n

Following Binance releasing its POR audit reviewed by Mazars Group, the crypto trading platform Crypto.com published a press release announcement<\/a> about its POR audit which was also conducted by Mazars. \u201cMazars Group compared the assets held in [onchain] addresses proven to be controlled by Crypto.com with customer balances through an auditor-overseen live query of a production database as of December 7, 2022, 00:00:00 UTC,\u201d the company said.<\/p>\n

Crypto.com detailed that existing customers can verify their assets<\/a> on the platform. The full Crypto.com audit conducted by Mazars can be found here<\/a>. \u201cOur report is solely for the purposes of offering Crypto.com\u2019s customers additional transparency and reassurance that their in-scope assets are fully reserved, exist on the blockchain(s), and are under the control of Crypto.com at the below mentioned reporting date,\u201d the Mazars audit details.<\/p>\n

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1:1<\/a>, Assets<\/a>, audit<\/a>, bBTC<\/a>, Bitcoin (BTC)<\/a>, BTC<\/a>, BTCB<\/a>, collateralization ratio<\/a>, Crypto<\/a>, crypto assets<\/a>, Crypto.com<\/a>, Ethereum (ETH)<\/a>, exchange POR<\/a>, Exchanges<\/a>, Jesse Powell<\/a>, Kraken Exec<\/a>, Mazars<\/a>, Mazars Group<\/a>, PoR<\/a>, POR audit<\/a>, Proof of Reserves<\/a>, total liabilities<\/a>, Transparency<\/a><\/div>\n<\/div>\n

What do you think about Binance and Crypto.com releasing POR and audits conducted by Mazars Group? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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