According to the report by auditing firm, Mazars, Binance’s Bitcoin reserves are fully collateralized, reaching the same conclusion as Binance did when they announced proof of their Bitcoin reserves.
This report is based on the snapshot taken on November 22 at 23:59 UTC
As part of the audit process, Mazars has Binance perform specific transactions at specific times to prove that they own the wallets holding the user funds
They were able to establish that there was no duplication of user IDs in Binance’s merkle tree script
Reaching the same conclusion as Binance Mazars showed that Binance holds 575,742.4228 BTC in user funds
