The Wall Street Journal: Binance's financial situation remains a mystery

ChainCatcher news, according to a recent report by The Wall Street Journal, despite Binance's recent efforts to improve transparency, its financial situation remains a mystery.

The auditing firm Mazars released an "audit" report last week, stating that the exchange's reserves are fully collateralized. Users of the centralized exchange hold approximately $9.7 billion, with a Bitcoin reserve ratio of 101%. However, Douglas Carmichael, former chief auditor of the Public Company Accounting Oversight Board (PCAOB), stated that the Mazars report did not actually answer questions about whether the funds are adequately collateralized. Mazars also did not express a "guarantee conclusion," which means these figures may not be entirely accurate. There is no information about the exchange's total assets and total liabilities. (The Wall Street Journal)