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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now 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%.

The results of reserve ratio of major assets on (
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.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Helene Braun

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

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.