CryptoQuant confirmed Mazars data on Binance reserves
The data stated in the Mazars report on the security of Binance's liabilities is almost fully consistent with expectations. This was stated by CryptoQuant specialists.
Earlier, the audit firm published data on the verification of the exchange's obligations in bitcoin to customers and their collateralization with reserves. According to Mazars, user deposits are secured with assets on the platform by 97%. If we take into account bitcoins lent to users, the figure rises to 101%.
Experts criticized the Proof-of-Reserve procedure. In their opinion, it did not convince about the safety of client funds on the platform because it did not give an idea about the efficiency of internal control systems.
CryptoQuant analysts confirmed the high level of security of user deposits on Binance.
"We found Binance's reported liabilities to be close to our estimate (at 99%)," they noted.
CryptoQuant introduced its own metric called Clean Reserve. The indicator takes into account reserves without the exchange's own token (at Binance it is BNB).
The data showed that the leading platform's indicator value is at the level of other top exchanges - about 90%.
The volume of reserves Binance does not demonstrate a situation similar to that of FTX on the eve of the collapse, the analysts stressed. They also noted that their research is about the technical side:
"Our analysis should not be interpreted as a favorable view of Binance as a company or BSC/BNB networks."
Recall, against the background of the discussion of Mazars report, the head of Binance Changpeng Zhao denied rumors about any problems with liquidity at the exchange.