Michael Burry, a ‘Big Short’ investor, says that the Binance Exchange audit is meaningless

Michael Burry, manager of a hedge-fund, claims that Binance’s latest audit of its evidence of reserves is not credible. Burry is well-known for being among the first investors to predict and benefit from the collapse of the housing market in 2007.According to the Big Short investor, auditors are still getting their feet wet in the world of cryptocurrency.Centralized cryptocurrency exchanges have been rushing to offer proof-of-reserves reports since the high-profile collapse of FTX, which aims to verify that a platform’s reserves match its clients’ holdings. Burry’s comments come after news that Binance’s auditor Mazars has decided to suspend its services due to concerns that market players might not fully understand the content of their reports. Mazars had decided to stop offering services to cryptocurrency exchanges and to remove the website that revealed the results of crypto audits. A French auditing agency discovered that Binance had sufficient digital assets to support its customers’ Bitcoin (BTC) and Mazars decided to discontinue offering services. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comThanaCoincu NewsTags: # CryptocurrenciesBinanceBurryFTX CollapseMazarsProof of Reserves