- CryptoQuant has authenticated Binance’s audited proof of reserve.
- The firm also said Binance’s stablecoin reserves are not showing “FTX-like” behavior.
- Previously, Kraken’s CEO called Binance’s PoR bullshit without an external audit.
Data analytic firm, CryptoQuant, has attested to the audit reserve report published by the most significant crypto asset manager, Binance, using on-chain data. In a research post, the firm shared that Binance’s Bitcoin reserve matched its on-chain metric by 99%.
The research concluded:
On-chain data suggests Binance’s ETH and Stablecoin reserves are not showing “FTX-like” behavior at this point. Additionally, Binance has an acceptable “Clean Reserve,” which means its token, BNB, is still a low proportion of its total assets.
However, CryptoQuant disclaimed that it was not trying to make favorable sentiments for the Binance exchange or the BSC/BNB ecosystem. Instead, it only reported based on available data that the amount of BTC the Binance exchange said it held as liabilities during the proof-of-reserve report makes sense.
Earlier this month, Mazars, a global audit, tax, and advisory firm, declared that Binance has more Bitcoin on hand than is required to cover customer deposits. According to Mazars, Binance has a 101% collateralization ratio on 575,742 Bitcoin (BTC) net customer deposits as of November 22, 2022.
Following the collapse of FTX, a ‘movement’ arose demanding existing crypto exchanges to produce evidence that their customers’ deposits remain redeemable at a 1:1 ratio. Coinbase, Kraken, KuCoin, and Crypto.com are among the significant crypto asset managers that have published specific details of customer assets under their watch.
Despite the recent confirmation, some crypto enthusiasts asked the Binance CEO whether there would be an independent audit on liabilities against the reserves. Additionally, the CEO of Kraken had questioned the integrity of Binance’s proof-of-reserve before the audit, calling it an intentional misrepresentation.
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