futurewithcrypto.com
According to CryptoQuant, 97% of Binance's assets serve as collateral for its BTC liabilities, or customer deposits.
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When the BTC that clients have received loans in addition, this collateralization increases by 101%.
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The analytics company claimed that as Binance's native token (BNB) only makes up a small portion of its reserves, it does not exhibit any FTX-like behaviour.
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Additionally, the paper claims Binance maintains a respectable "Clean Reserve" of roughly 90%, indicating that BNB is still a small fraction of its total assets.
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According to the analysis, Binance reserves have grown more organically and with fewer ups and downs than those of the defunct exchange FTX.
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Additionally, Mazars, the writers of Binance's previous week's reserves report, ceased "all work for crypto customers" on Friday.
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The auditor halted "all work for crypto clients," according to Bloomberg.
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After a contentious report regarding Binance was made public last week, the decision to reject cryptocurrency was made.
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After receiving criticism, Mazars removed the report from its website.
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According to the report, Binance's assets are 97% collateralized by its BTC liabilities.
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