Binance, an investment member of crypto trading, allegedly made a significant return on investment, elevating it to as high as 2,100 %. Total assets under investment accumulating to 7.5 billion dollars.
Binance also assured its consumers a stable and healthy financial status in addition to its able capital reserves that cover their daily activities, thus eliminating any challenging obstacles.
Crypto giants break the silence
Binance has announced that all consumer assets are protected and secured; however, consumers can withdraw anytime. In addition, they are eliminating any false information or doubt about their sustainability.
Take a look at FTX, whose executives face fraudulent charges and mismanagement of consumer funds. Binance has announced that it will not mismanage consumer funds for trading or investments. Moreover, Binance said that they are not on any credit bureau or that any of their shareholders have fallen victim to bankruptcy.
In the midst of FTX taking a hit, Binance brings in proof of reserve confirmation, releasing a Merkle tree-based structure for Ethereum and Bitcoin. Other relative companies such as Crypto.com, ByBit, and OKX are now taking similar approaches due to growing concerns by shareholders demanding transparency from controlled exchanges all over the globe.
Mazars, a universal audit firm, approved that Binance certifies that it holds plenty of bitcoins to protect all consumers. Moreover, several members raised concerns about the report basics on the reserves other than mentioning consumers’ backup.
Mazars worsened the situation after they did away with their website hosting proof of reserves. This initiative does not automatically mean that the data issued is false. It only means that the audit firm did not want affiliations with the risks involving crypto exchange platforms, particularly after the collapse of FTX.
However, CryptoQuant, another global audit firm, announced that the reserves of Ethereum and other valuable coins are not showing signs of FTX behavior. With intensive scrutinization, CryptoQuant said that Binance’s financial assets are secure and sustainable.
The primary concern is the destiny of consumers venturing into this type of market, and they may have faith in this structure.