Binance Audited PoR Matches On-chain Data by 99% Says CryptoQuant

• CryptoQuant has authenticated Binance’s audited proof of reserve.
• The firm also said Binance’s stablecoin reserves are not showing “FTX-like” behavior.
• Previously, Kraken’s CEO called Binance’s PoR bullshit without an external audit.

Data analytic firm, CryptoQuant, has attested to the audit reserve report published by the most significant crypto asset manager, Binance, using on-chain data. In a research post, the firm shared that Binance’s Bitcoin reserve matched its on-chain metric by 99%.

The research concluded:

On-chain data suggests Binance’s ETH and Stablecoin reserves are not showing “FTX-like” behavior at this point. Additionally, Binance has an acceptable “Clean Reserve,” which means its token, BNB, is still a low proportion of its total assets.

However, CryptoQuant disclaimed that it was not trying to make favorable sentiments for the Binance exchange or the BSC/BNB ecosystem. Instead, it only reported based on available data that the amount of BTC the Binance exchange said it held as liabilities during the proof-of-reserve report makes sense.