Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
<i>"Binance has said it holds more than $60bn in assets, enough to honour withdrawals. The company’s disclosures do not include its liabilities, which makes it difficult to ascertain its financial health."</i><p>Possibilities:<p>1) They're insolvent. Liabilities exceed assets. (Like FTX.)<p>2) Their accounting is so screwed up they can't produce a balance sheet. (Like FTX).<p>3) They have a large number of interconnected corporate entities and nobody has the big picture. (Like FTX).<p>4) They have enough assets on the books to look solvent, but many of those assets are overvalued or internal transactions. (Like FTX).<p>OK, crypto people. Full GAPP audit or we all assume you're broke.<p>If you have assets in an un-audited exchange, <i>get them out now</i>.