Binance’s bitcoin reserves are fully collateralized according to auditing firm Mazars

Auditing firm Mazars has released a report about Binance’s BTC reserves. The auditing firm has reached the same conclusion as Binance itself. As of November November 22 at 23:59 UTC, Binance held enough bitcoins and wrapped bitcoins to cover all users’s balance on the exchange.
Binance had already launched a proof-of-reserves website nearly two weeks ago to reassure its users following the collapse of FTX. Today’s audit just confirms that Binance doesn’t appear to be lying, according to Mazars.
As always, there are some limitations with these proof-of-reserves exercises. The biggest caveat is

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