Crypto Exchange Binance ‘Proof of Reserves’ Removed from Auditor’s Site; Bitcoin Plunges

Objectivity 4.7 | Credibility 4.8 | Relevance 4.6

Auditor Mazars has removed crypto exchange Binance proof-of-reserve audits from its website.  This follows confirmation on December 7 by Mazars that Binance possessed control over 575,742 Bitcoin of its customers, at the time of this writing valued at $9.7 billion.  Binance CEO Changpeng “CZ” Zhao appeared on CNBC to explain, as well as responding on Twitter.  When the news broke about Mazars’ action, Bitcoin dropped to $17,000 on December 16.  The main concern regarding Binance is whether or not the firm has comingled users’ funds or if the firm has overleveraged users’ assets in liabilities, as was the case with FTX.