CryptoQuant verifies Binance’s reserves, reports no ‘FTX-like’ behavior
Blockchain analytics provider CryptoQuant has released a report analyzing the recently released proof-of-reserves audit of the world’s largest crypto exchange, Binance.
The report shows Binance’s BTC liabilities (customers deposits) are 97% collateralized by the exchange assets. Collateralization increases to 101% when the BTC lent to customers is accounted for. The analytics firm added that on-chain data suggests that Binance’s Ether and stablecoin reserves are “not showing ‘FTX-like’ behavior at this point.”