{"id":9042,"date":"2022-12-08T11:56:45","date_gmt":"2022-12-08T11:56:45","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9042"},"modified":"2022-12-08T11:56:46","modified_gmt":"2022-12-08T11:56:46","slug":"binance-ceo-cz-confirms-exchange-has-no-outstanding-loans","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9042","title":{"rendered":"Binance CEO CZ confirms exchange has no outstanding loans"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>Binance CEO Changpeng Zhao \u201cCZ,\u201d said that the exchange has no outstanding loan, and challenged anyone to ask around.<\/p>\n<p>Earlier on Nov. 25, Binance published its Bitcoin proof of reserves to show that its on-chain reserves of 582,485.9302 BTC were 1% higher than the total customers\u2019 deposit of 575,742.4228 BTC.<\/p>\n<p>Leading financial audit firm Mazars in its Dec. 7 publication, confirmed that Binance\u2019s Bitcoin reserve was overcollateralized by over 100% of its total liabilities.<\/p>\n<p>Despite the auditing efforts, Binance\u2019s reserve reports have been criticized for not including its liabilities.<\/p>\n<p>Bitcoin Analyst Willy Woo had asked Binance CEO \u201cCZ\u201d if his exchange was working to audit its liabilities. CZ replied in the affirmative, noting that auditing liabilities are harder.<\/p>\n<p dir=\"ltr\" lang=\"en\">yes, but liabilities are harder. We don\u2019t owe any loans to anyone. You can ask around.<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) December 7, 2022<\/p>\n<p>CZ added that Binance has no outstanding loans, and called on anyone to \u201cask around\u201d to verify his claim.<\/p>\n<h2>Call to audit exchange liabilities<\/h2>\n<p>Following CZ\u2019s comment on Binance\u2019s liabilities, members of the crypto community have questioned why it\u2019s harder to audit liabilities.<\/p>\n<p lang=\"en\" dir=\"ltr\">It&#8217;s not \u201charder\u201d; it&#8217;s more revealing and incriminating.<\/p>\n<p>\u2014 \u1d33\u1d3f\u1d3c\u1d3c\u1d37\u1d35 \ud835\ude83\ud835\ude91\ud835\ude8a \ud835\ude7c\ud835\ude98\ud835\ude97\ud835\ude94\ud835\ude8e\ud835\udea2 (@Grooki2) December 8, 2022<\/p>\n<p>Matt argued that since Binance has no outstanding loans, its liabilities can be easily audited by leading auditing firms like Deillotte\/E&amp;Y.<\/p>\n<p dir=\"ltr\" lang=\"en\">Then just do it, mate. Hire Deloitte\/E&amp;Y whomever \u2013 and just do the audit with liabilities to show the full balance sheet (ie snapshot of financials for those wondering) and close the matter. It\u2019ll cost like $100k. Well worth it in my opinion.<\/p>\n<p>\u2014 Matt \ud83c\udfdd\ud83d\udd2d\ud83c\udde8\ud83c\uddf1\ud83c\udde6\ud83c\uddfa\ud83c\uddfa\ud83c\uddf8 (@1mattcollins) December 7, 2022<\/p>\n<p>Kraken CEO Jesse Powell had earlier criticized Binance for excluding its liabilities. He argued that such exclusion was an \u201cignorant or intentional misrepresentation\u201d of the exchange\u2019s financial position.<\/p>\n<p>Posted In: Binance, Exchanges<\/p>\n<h3>Read Our Latest Market Report<\/h3>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/binance-ceo-cz-confirms-exchange-has-no-outstanding-loans\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance CEO Changpeng Zhao \u201cCZ,\u201d said that the exchange has no outstanding loan, and challenged anyone to ask around. Earlier on Nov. 25, Binance published its Bitcoin proof of reserves to show that its on-chain reserves of 582,485.9302 BTC were 1% higher than the total customers\u2019 deposit of 575,742.4228 BTC. Leading financial audit firm Mazars [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-9042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9042"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9042\/revisions"}],"predecessor-version":[{"id":9044,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9042\/revisions\/9044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9043"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}