After the FTX fiasco and rising transparency concerns that have erupted in the cryptocurrency industry, Binance established a new website in November 2022 to explain its proof-of-reserves mechanism and is starting with Bitcoin.
The largest cryptocurrency exchange in the world by trading volume, Binance, revealed a new audit by international financial audit, tax, and consultancy firm Mazars on December 6, 2022, revealing that Binance’s client bitcoin (BTC) reserves are overcollateralized.

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