Binance Bitcoin Proof Of Reserves Audit Report Out Now

Binance, the world’s largest cryptocurrency exchange recently revealed the crucial details of its hot and cold wallet addresses in order to ensure the users. The exchange also promised to share the Merkle Tree of funds ahead. However, the crypto exchange has fulfilled its promise and issued the first audit report.

 What does Binance PoR Report say?

In a Tweet, Binance mentioned that as part of its user fund transparency work and Proof of Reserve, they are working with the Mazars, a global financial audit firm. It mentioned that BTC proof of Reserves is out now. However, it added that the reports for other tokens will be out soon.

The report stated that Binance underwent a Proof of Reserves and Proof of Liabilities verification on November 22, 2022. The auditing firms observed that the crypto exchange controlled scope assets in excess of 100% of their cumulative platform liabilities.

Binance’s Bitcoin net customer balance stands at 575742.4228.

Duplication of ID’s?

The auditing firm stated that it compared the total mentioned balance of each blockchain in scope asset. However, they were unable to find any variances greater than 1%.

The firm inspected the Customer Liabilit Report for any duplications of user ID’s. They found that the user ID’d were hashed and truncated to 16 bytes. However, no duplication of user Id’s were found.