Binance Finances Raise Concern, CZ Reacts
According to a report in the Wall Street Journal, Binance's most recent effort to increase transparency isn't quite transparent enough.
In a recent report, the auditing company Mazars stated that the exchange's reserves are completely collateralized.
The Report is deficient in details regarding the effectiveness of internal controls and how Binance's systems sell assets to pay off margin loans.
Patrick Hillmann, Chief Strategy Officer at Binance, was unable to name the parent firm of Binance as it has been through a corporate restructuring for almost two years.
Overall, in response to all these rumors, founder CZ tweeted saying "Not sure is this is poorly researched FUD or just poorly researched"