Releases Proof-of-Reserves Data Showing Client Assets Are Fully Backed

The examination was done by auditing firm Mazars.

AccessTimeIconDec 9, 2022 at 3:45 p.m. UTC
Updated May 9, 2023 at 4:04 a.m. UTC released proof-of-reserves data from auditing firm Mazars Group that showed its clients' assets are fully backed one to one, according to a statement Friday.

This comes after rival exchange Binance released a similar report from the same auditor seemingly proving its reserves on Wednesday. Similar to Binance, Mazars compared assets held in on-chain addresses on with customer balances on Dec. 7.

However, the report is not an official audit, but a "matching exercise based on information provided by the client about on-chain addresses of assets and a client database of customer balances," according to Francine McKenna, lecturer in financial accounting at the Wharton School at the University of Pennsylvania. "It is no better than the Binance report, which is not surprising since it is the same firm and partner doing it."

The report shows that controlled in-scope assets in excess of 100%.

CoinDesk - Unknown
The results of reserve ratio of major assets on (

"Providing audited proof of reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust,” said Kris Marszalek, CEO of

Centralized crypto exchanges have been under pressure to provide more transparency in the wake of the collapse of FTX, a once-trusted crypto exchange now under investigation for fraud.

UPDATE (Dec. 9, 16:15 UTC): Updated with additional information throughout.

UPDATE (Dec. 9, 17:20 UTC): Updated with additional quote from McKenna.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University's business and economic reporting program.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.