The Wall Street Journal, a leading expert in the financial industry, recently published a report criticizing Binance’s published proof-of-reserves which raises red flags in terms of the company’s Bitcoin liabilities and internal control issues.
A Senior Lecturing Fellow at Duke University School of Law and former chief at the Office of Internet Enforcement for the Securities Exchange Commission (SEC), John Reed, announced on Twitter:
“Binance’s “proof of reserve” report doesn’t address the effectiveness of internal financial controls, doesn’t express an opinion or assurance conclusion, and doesn’t vouch for the numbers. I worked at SEC Enforcement for 18+ yrs. This is how I define red flag.”
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