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Binance Finances Remain A Mystery, Says WSJ

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A Wall Street Journal report recently revealed that Binance's finances are still a mystery despite recent efforts to make them more transparent.

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Mazars, an auditing firm, released an "audit report" earlier this week stating that the exchange's reserves are fully collateralized.

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The top centralized exchange users hold approximately $9.7 trillion, while the company holds 101%.

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Douglas Carmichael (ex-chief auditor of the Public Company Accounting Oversight Board) says that the Mazars Report doesn't answer any questions regarding whether or not the funds are adequately collateralized.

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Mazars didn't also express an "assurance conclusion," which could indicate that the numbers may not be completely accurate.

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The exchange did not provide any information about its total assets or liabilities.

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Other prominent industry players were encouraged by the rapid implosion at FTX to offer users more transparency about their reserves.

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