Binance CEO CZ confirms exchange has no outstanding loans


Haru Invest

Binance CEO Changpeng Zhao “CZ,” said that the exchange has no outstanding loan, and challenged anyone to ask around.

Earlier on Nov. 25, Binance published its Bitcoin proof of reserves to show that its on-chain reserves of 582,485.9302 BTC were 1% higher than the total customers’ deposit of 575,742.4228 BTC.

Leading financial audit firm Mazars in its Dec. 7 publication, confirmed that Binance’s Bitcoin reserve was overcollateralized by over 100% of its total liabilities.

Despite the auditing efforts, Binance’s reserve reports have been criticized for not including its liabilities.

Bitcoin Analyst Willy Woo had asked Binance CEO “CZ” if his exchange was working to audit its liabilities. CZ replied in the affirmative, noting that auditing liabilities are harder.

CZ added that Binance has no outstanding loans, and called on anyone to “ask around” to verify his claim.

Call to audit exchange liabilities

Following CZ’s comment on Binance’s liabilities, members of the crypto community have questioned why it’s harder to audit liabilities.

Matt argued that since Binance has no outstanding loans, its liabilities can be easily audited by leading auditing firms like Deillotte/E&Y.

Kraken CEO Jesse Powell had earlier criticized Binance for excluding its liabilities. He argued that such exclusion was an “ignorant or intentional misrepresentation” of the exchange’s financial position.

Posted In: Binance, Exchanges

Read Our Latest Market Report



Source link

Share this article: