According to Mazars, user bitcoin balances on Binance are fully collateralized.

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The 575,742.42 Bitcoin that the cryptocurrency exchange Binance holds, with a market value of $9.7 billion, came from its users.

Binance was 101% collateralized, according to a December 7 statement from the South African auditor Mazars.

Mazars evaluated a variety of cryptocurrency wallet addresses held by the exchange, as indicated in their procedures, to independently estimate the nominal value of Binance customers’ holdings.

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