According to the Wall Street Journal, Binance’s finances remain “a mystery.”

According to a recent article by The Wall Street Journal, Binance’s finances remain a mystery despite its recent efforts to bring more transparency. Earlier this week, the auditing firm Mazars released a report of “The Binance Financials.audit“, stating that the exchange’s reserves are fully guaranteed. Users of the first centralized exchange hold about $ 9.7 billion, and the company covers 101% of the above funds.

However, Douglas Carmichael, former chief auditor of the Public Company Accounting Oversight Board (PCAOB), says the Mazars report doesn’t really answer the questions of whether the funds are sufficiently secured.

Mazars also did not express “a conclusion of assurance“, which means that the numbers may not be entirely accurate. There was no information regarding the total assets and total liabilities of the exchange.

The Paris-based auditor claims that he was following a procedure requested by Binance. The rapid implosion of the FTX exchange has prompted other major industry players to provide users with more transparency about their reserves.

According to a recent report by Ark Invest, centralized exchanges have experienced the largest net capital outflows in history.