Changpeng Zhao-led crypto exchange Binance is making efforts to pacify investors and avoid a run on its withdrawals, akin to the recent FTX debacle. The company has hired global accounting firm Mazars to “audit” and release certain numbers, hoping to calm investors’ anxiety. However, the five-page document released recently offers limited information and does little to earn back investors’ trust. Binance calls the statement a “proof of reserve report” and stated, “this means that we are showing evidence and proof that Binance has funds that cover all of our user's assets 1:1, as well as some reserves.
