{"id":513362,"date":"2022-12-22T06:30:17","date_gmt":"2022-12-22T11:30:17","guid":{"rendered":"https:\/\/wncen.com\/?p=513362"},"modified":"2024-06-11T08:07:48","modified_gmt":"2024-06-11T08:07:48","slug":"binance-dispels-fud-financial-black-box","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-dispels-fud-financial-black-box\/","title":{"rendered":"Crypto Exchange Binance Dispels FUD Of A ‘Financial Black Box’"},"content":{"rendered":"

In addition to the macroeconomic headwinds, the Binance rumors and the uncertainty surrounding Grayscale\/DCG are clouding the sentiment in the Bitcoin market. In a renewed attempt to dispel the “FUD,” Binance released a detailed report<\/a> today in which the world’s largest crypto exchange addresses current questions from the media and the community.<\/p>\n

Even though analytics firms like CryptoQuant and Nansen recently confirmed<\/a> the existence of customer funds on-chain, one of the biggest accusations against Binance at the moment is that it is a “financial black box”. Critics claim that the exchange led by Changpeng Zhao is refusing to disclose financial information.<\/p>\n

The exchange counters these charges in its statement. It says that it does not have to disclose a detailed financial status for two reasons: first, it is not a publicly traded company; second, Binance is financially autarchic and doesn’t need external funding. In addition, it has no “intention to go public at this time.”<\/p>\n

In addition, Binance discloses “operational and financial information” in the countries where it operates, to the extent necessary, as “required by local regulators.” The exchange further added that “In some cases, the disclosure process takes up to six months due to the sheer volume of information.”<\/p>\n

Further, Binance says that its capital structure is debt-free, can cover all ongoing costs with revenue, and keeps assets fully separated.<\/p>\n

Related Reading: Binance Controversy Continues As Experts Warn Of Serious Fallouts Due To FUD<\/a><\/div>\n

“Based on the principles of ‘customer first’ and ‘openness and transparency’, Binance will continue to promote asset reserve verification on the chain to make it easier for the outside world to query and verify user asset storage,” the statement elaborates.<\/p>\n

Other Binance “FUD”<\/h2>\n

A major argument against Binance’s integrity has also been the recent resignation of accountant Mazar and the question of why the company does not hire a “Big Four” auditor. As the statement reiterates, Mazars withdrew from all crypto companies, not just Binance.<\/p>\n

Regarding the audit by a “Big Four” auditing firm, the exchange clarifies that they have not worked with any crypto company to verify on-chain reserves so far.<\/p>\n

Related Reading: Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $17.2K<\/a><\/div>\n

As for Coinbase’s collaboration with Deloitte<\/a>, Binance says it is important to distinguish that the audit is aimed at the financial status of the listed company, not the verification of on-chain reserves.<\/p>\n

On-chain verification of encrypted corporate reserves is a very new field. At present, we are still actively communicating with companies willing to provide verification services for encrypted companies, and will share the latest progress with you soon.<\/strong><\/p><\/blockquote>\n

In addition, the exchange sets the record straight that the verification of Bitcoin reserves is just the first step, and on-chain proof of reserves of some mainstream currencies will follow “as soon as possible.”<\/p>\n

Bitcoin Price Eyes $16,900<\/h2>\n

Confronted with the uncertainty and massive levels of FUD swirling the market, the Bitcoin price is currently holding critical levels of support, although a retest of $16,600 does not seem out of the question. If BTC manages to break through the tenacious resistance of $16,900, a continuation into the zone up to $17,500 could be conceivable.<\/p>\n

\"BTC\/USD
BTC price, 4-hour chart<\/figcaption><\/figure>\n
Featured image from Binance, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In addition to the macroeconomic headwinds, the Binance rumors and the uncertainty surrounding Grayscale\/DCG are clouding the sentiment in the Bitcoin market. In a renewed attempt to dispel the “FUD,” Binance released a detailed report today in which the world’s largest crypto exchange addresses current questions from the media and the community. Even though analytics firms like CryptoQuant and Nansen recently confirmed the existence of customer funds on-chain, one of the biggest accusations against Binance at the moment is that it is a “financial black box”. Critics claim that the exchange led by Changpeng Zhao is refusing to disclose financial information. The exchange counters these charges in its statement. It says that it does not have to disclose a detailed financial status for two reasons: first, it is not a publicly traded company; second, Binance is financially autarchic and doesn’t need external funding. In addition, it has no “intention to go public at this time.” In addition, Binance discloses “operational and financial information” in the countries where it operates, to the extent necessary, as “required by local regulators.” The exchange further added that “In some cases, the disclosure process takes up to six months due to the sheer volume of information.” Further, Binance says that its capital structure is debt-free, can cover all ongoing costs with revenue, and keeps assets fully separated. Related Reading: Binance Controversy Continues As Experts Warn Of Serious Fallouts Due To FUD “Based on the principles of ‘customer first’ and ‘openness and transparency’, Binance will continue to promote asset reserve verification on the chain to make it easier for the outside world to query and verify user asset storage,” the statement elaborates. Other Binance “FUD” A major argument against Binance’s integrity has also been the recent resignation of accountant Mazar and the question of why the company does not hire a “Big Four” auditor. As the statement reiterates, Mazars withdrew from all crypto companies, not just Binance. Regarding the audit by a “Big Four” auditing firm, the exchange clarifies that they have not worked with any crypto company to verify on-chain reserves so far. Related Reading: Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $17.2K As for Coinbase’s collaboration with Deloitte, Binance says it is important to distinguish that the audit is aimed at the financial status of the listed company, not the verification of on-chain reserves. On-chain verification of encrypted corporate reserves is a very new field. At present, we are still actively communicating with companies willing to provide verification services for encrypted companies, and will share the latest progress with you soon. In addition, the exchange sets the record straight that the verification of Bitcoin reserves is just the first step, and on-chain proof of reserves of some mainstream currencies will follow “as soon as possible.” Bitcoin Price Eyes $16,900 Confronted with the uncertainty and massive levels of FUD swirling the market, the Bitcoin price is currently holding critical levels of support, although a retest of $16,600 does not seem out of the question. If BTC manages to break through the tenacious resistance of $16,900, a continuation into the zone up to $17,500 could be conceivable. Featured image from Binance, Chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":513370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,1119,11691],"class_list":["post-513362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-btc","tag-fud"],"acf":[],"yoast_head":"\nCrypto Exchange Binance Dispels FUD Of A 'Financial Black Box'<\/title>\n<meta name=\"description\" content=\"In addition to the macroeconomic headwinds, the Binance rumors and the uncertainty surrounding Grayscale\/DCG are clouding the sentiment in the Bitcoin\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Exchange Binance Dispels FUD Of A ‘Financial Black Box’","url":"http:\/\/wncen.com\/news\/binance-dispels-fud-financial-black-box\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/binance-dispels-fud-financial-black-box\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/78f42a49-966b-4a15-96af-c731ee129cca.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/78f42a49-966b-4a15-96af-c731ee129cca.jpg?fit=2000%2C1334"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bitcoin","btc","fud"],"dateCreated":"2022-12-22T11:30:17Z","datePublished":"2022-12-22T11:30:17Z","dateModified":"2024-06-11T08:07:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Exchange Binance Dispels FUD Of A ‘Financial Black Box’\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-dispels-fud-financial-black-box\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-dispels-fud-financial-black-box\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/78f42a49-966b-4a15-96af-c731ee129cca.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/78f42a49-966b-4a15-96af-c731ee129cca.jpg?fit=2000%2C1334\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bitcoin\",\"btc\",\"fud\"],\"dateCreated\":\"2022-12-22T11:30:17Z\",\"datePublished\":\"2022-12-22T11:30:17Z\",\"dateModified\":\"2024-06-11T08:07:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/78f42a49-966b-4a15-96af-c731ee129cca.jpg?fit=2000%2C1334","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/513362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=513362"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/513362\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/513370"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=513362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=513362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=513362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}