Mazars Independent Audit Confirms Binance’s Bitcoin (BTC) Reserve is Overcollateralized

Mazars, upon completing audit on Binance, reported that it is “101% collateralized” with Bitcoin reserves valued at around $9.7 billion.

Changpeng Zhao behind blockchain network with stacks of coins on top

Mazars, upon completing an independent audit on Binance, has reported that the world’s largest crypto exchange is “101% collateralized” with Bitcoin reserves valued at around $9.7 billion. 

Binance’s Bitcoin (BTC) Reserve is Overcollateralized

On Wednesday, December 7th, Mazars, an international audit, tax, and advisory firm, published a report confirming that Binance holds more Bitcoin in its reserves than customer deposits. 


Mazars said in the publication that “at the time of assessment, Mazars observed Binance controlled in-scope assets in excess of 100% of their total platform liabilities.”

Mazars’ audit confirms Binance’s report that collectively held 575,742 BTC in net customer deposits as of November 22nd. This figure accounts for all BTC assets held by Binance across other networks like Ethereum, BNB Chain, and BSC.

Growing Importance of Proof of Reserve

The publication from Mazars comes amidst a growing need for proof of reserve since the shocking collapse of FTX. It also calms suspicions over the large amounts of BTC Binance moved to an unknown wallet in late November. 

Amidst the growing news for proof-of-reserve, New York Democrat Ritchie Torres has introduced short bills to prohibit the misuse of customer funds by exchanges and require that they disclose proof of reserves.

On the Flipside

  • Francine McKenna, lecturer in financial accounting at the Wharton School, has said Mazars’ report is not an official audit because they compared balances per public key address.

Why You Should Care

The publication from Mazars confirms Binance’s claims as the exchange seeks to build trust in the industry via transparency.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia