Binance’s collateral data stated in the Mazars report is almost entirely in line with expectations. CryptoQuant experts say so.
We compared Binance’s liabilities stated in the report with CryptoQuant’s on-chain metric: Binance BTC Reserve
We found that Binance’s reported liabilities are very close to what we thought they would be (99%).
Chart 👇https://t.co/vQIKn7ImYn pic.twitter.com/ihAyVgq6zP
—CryptoQuant.com (@cryptoquant_com) December 15, 2022
Earlier, the accounting firm published data on verifying the obligations of the bitcoin exchange to customers and their provision of reserves. According to Mazars, user deposits are backed by assets on the platform by 97%. If we take into consideration the bitcoins issued to users on credit, the figure rises to 101%.
Experts criticized procedure Backup test. In their opinion, it did not convince the client’s funds on the platform, because it did not give an idea of u200bu200bthe effectiveness of internal control systems.
CryptoQuant analysts have confirmed the high level of security for user deposits on Binance.
“We found that Binance’s commitments reported in the report are close to our estimate (of 99%),” they noted.
CryptoQuant has introduced its own metric called Clean reserve. The indicator takes into account reserves without the exchange’s native token (Binance has BNB).
The data showed that the value of the leading platform indicator is at the level of other major exchanges – about 90%.
The chart below shows that Binance’s Clean Reserve is on par with other major exchanges: around 90%. pic.twitter.com/ZeZHtb8pBC
—CryptoQuant.com (@cryptoquant_com) December 15, 2022
Binance’s reserve volumes do not show a similar situation to FTX the day before collapse, analysts stressed. They also noted that their study is technical:
“Our analysis should not be interpreted as a favorable opinion of Binance as a company or the BSC/BNB networks.”
Recall that against the background of the discussion of the Mazars report, the head of Binance, Changpeng Zhao denied the rumors on any liquidity problems on the stock market.
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