Customers’ spot, options, margin, futures, financing, loan, and earn accounts for Bitcoin and wrapped Bitcoin are said to have been included in the investigation’s scope.
According to Cointelegraph, on December 7, 2022, South African auditor Mazars confirmed that cryptocurrency exchange Binance had acquired control over 575,742.42 Bitcoin from its users, which was worth $9.7 billion at the time the piece was written.
Mazars reportedly stated that “Binance was 101% collateralized” in an interview with Cointelegraph. Customers’ spot, options, margin, futures, financing, loan, and earn accounts for Bitcoin and wrapped Bitcoin are said to have been included in the investigation’s scope (wBTC). According to reports, the investigation also covered BTC wrapped on Ethereum, BNB Chain, and BNB Smart Chain.
Regarding the suitability of the AUP, we make no claims. As a result, we do not express an assurance conclusion or an opinion. Other things may have come to our knowledge that would have been notified if we had carried out extra processes, according to Mazars.
By testing a range of wallet addresses approved by the exchange, Mazars independently safeguarded the nominal worth of Binance users’ funds based on information provided by Cointelegraph. According to reports, auditors requested that Binance move funds to certain addresses and back in order to verify proof-of-ownership. Additionally, the company used its software to compile the client information it acquired and calculate the Merkle Root Hash. It allowed Binance’s users to independently confirm that Merkle Leaf and its cryptographic components are a part of the Merkle Root.
