The international audit, tax and advisory firm, Mazarsstated that the cryptocurrency exchange Binance has enough bitcoin (BTC) reserves to cover the deposits of its clients.
“At the time of checking its proof of reserves, Mazars noted that Binance controls assets that exceed 100% of total liabilities of the platform”, Indian Mazars on its platform.
He pointed out that since last November 22 Binance has reserves that exceed 575.742 bitcoinsequivalent to 101% of your funds in BTC.
This figure is compared to the proof of reserves provided by Binance in its first report submitted in November, following the collapse of FTX.
“Mazars provides users of Binance the ability to independently verify that your assets were included in the calculation of total liabilities through the Merkle-Proof test”, pointed out the portal.
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First Audit on Binance Reserves
On November 25, he launched his Proof of Reserves (PoR) Systemwhere he showed the audit of his BTC reserves, as reported Morocotacoin.
The total bitcoin reserves on Binance is 582.485 BTCwhile the net balance of its clients was located at 575.742 BTCas noted by Mazars.
Binance is currently working to implement the ZK-SNARKwhich will be used to prove that the platform has enough assets to cover the collateralized funds of the users.
Changpeng Zhao weighs in on crypto market volatility
Changpeng ZhaoCEO of Binance, assured last November that the cryptocurrency market will continue to pass “through a period of great volatility and unpredictability”.
Zhao is currently advising retail investors stay away from cryptocurrency trading because the markets remain in a scenario of extreme volatility and unpredictability, he pointed Morocotacoin.
He assured that despite the collapse of FTX, Binance does not present financial problems and exchange users have no reason to worry.
“We don’t have loans. We have no debts. We don’t owe money to anyone. We also do not give off-platform loans. So we never take users’ assets and give them to a third party for me to manage them and try to get returns,” Zhao said.
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Now you can buy bitcoins with local currencies from Latin America and without commissions on Binance
You can buy and sell bitcoins and other cryptocurrencies on Binance P2P with the local currency of Venezuela, The Savior, Argentina, Colombia, Chile, Uruguay, Peru, Bolivia, Paraguay, Brazil, Mexico y Dominican Republic.
In Venezuela it is available purchase of cryptocurrencies with bolivars through the Mercantil, Provincial banks, with bank transfer, mobile payment and PayPal.
To start buying, selling and trading cryptocurrencies on Binance you must have an active and verified account. It is easy.
In Morocotacoin.news Now you can see these simple tutorials to get started in buying and selling cryptocurrencies within Binance:
- learn how register on Binance to buy and sell bitcoins and other cryptocurrencies. Here.
- How to do identity verification or KYC on Binance to open or continue using your account. Here.
- How to buy bitcoin with bolivars on Binance P2P in just 5 steps. Here.
- Binance P2P tutorial to buy and sell cryptocurrencies with bolivars, pesos and soles. Here.
- How to buy and sell bitcoins in Colombia? Guide to earn money with BTC through Binance P2P. Here.
- How to add new payment methods for buying and selling cryptocurrencies on Binance P2P. Here.
- learn to ride one sale order of bitcoins on the Binance cryptocurrency exchange. Here.
- Do you want to know how to sell your bitcoins with a Order Limit on Binance? Know how to do it and its usefulness. Here.
- How post ads on Binance to buy and sell cryptocurrencies safely. Here.
- Tips for secure your purchase and sale of cryptocurrencies on the Binance P2P platform. Here.
