An independent study shows Binance has enough reserves to pay out all customers holding bitcoin

• A proof of reserves revealed Binance's bitcoin reserves have enough collateral, according to Mazars. 
• The accounting firm conducted the review after being tapped by Binance last week.
• The collapse of FTX has sparked a renewed push for transparency among crypto firms. 

Binance's customer bitcoin reserves have more than enough collateral, according to a proof-of-reserves report from accounting firm Mazars.

Mazars, which was tapped last week by Binance to conduct the review, listed Binance's bitcoin collateralization ratio at 101% based on an analysis conducted on November 22 covering the exchange's assets and liabilities. 

"At the time of assessment, Mazars observed Binance controlled in-scope assets in excess of 100% of their total platform liabilities," Mazars said, tallying the net customer balance at 575,742.4228 bitcoin.  

Since the implosion of Sam Bankman-Fried's FTX, crypto companies have fallen under increased scrutiny, and face pressure for more disclosure on their balance sheets.

Binance, which is the world's largest crypto exchange by trading volume, had vowed to conduct a proof of reserves, as have several other exchanges. Binance CEO Changpeng Zhao has said it would foster "full transparency" between exchanges and their clients. 

But experts warn that while proof of reserves could show customers that their money is still sitting in their accounts and hasn't been lent out, that doesn't account for the full picture. The problem, they say, is that clients often won't be privy to key risks, as proof of reserves only serves as a brief snapshot that can be misleading. 

Meanwhile, Zhao again blasted Bankman-Fried and his fallen crypto empire. He took to Twitter on Tuesday to address the "wrong narratives" swirling around FTX, which filed for bankruptcy last month.

"SBF perpetuated a narrative painting me and other people as the 'bad guys'. It was critical in maintaining the fantasy that he was a 'hero,'" the Binance exec tweeted. "SBF is one of the greatest fraudsters in history, he is also a master manipulator when it comes to media and key opinion leaders."