In response to questions about recent outflows and concerns about transparency, a Binance spokesperson told Bloomberg via email, “Binance’s user assets are all backed 1:1, and Binance’s capital is backed 1:1,” Bloomberg reported. The structure is debt free. We maintain hot wallet balances to ensure we always have sufficient funds to cover withdrawal requests and we top up hot wallet balances accordingly. We are working with Mazars to share all relevant financial information with them so they can Be able to verify the accuracy of all the data we share and the process by which we pull it. We are working hard to release updated reserves for more tokens as soon as possible.”