Binance’s alleged crypto audit failed, even its auditor wouldn’t vouch

“CZ” Image likeness courtesy of Coin Telegraph article below

Binance Proof of Reserve Statement

When we say proof of reserves, we are specifically referring to the assets we hold on deposit for users. This means that we show proof and evidence that Binance has funds that cover all of our users’ assets 1:1, plus some reserves.

When a user deposits one bitcoin, Binance’s reserves increase by at least one bitcoin to ensure the client’s funds are fully collateralized. Importantly, this does not include Binance holdings, which are held in a completely separate ledger.

What this means in practice is that Binance owns all user assets 1:1 (along with some reserves), we have no debt in our capital structure, and we’ve made sure we have a fund of emergency (SAFU funds) for extreme cases .

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