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As has been discussed to death at this point, reserves are only half the story. In order to get a sense of solvency, you'd need to understand what Binance's liabilities are. They only have calculated a tiny subset of this: user deposits.

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To clarify, Binance/nor anybody else are disclosing their liabilities at all, right?

Like, as a customer, you have 0 insight/auditing into whether their reserves are 1:1 with liabilities, 2:1, 1:2, etc. etc.

It's almost like... dishonest?

Saying "look! our reserves! we're above water! we're not over-leveraged! trust us!" and then hoping people are... foolish enough?... stupid enough?... to not know to ask... "ok... and liabilities?..."

Impossible --unless you go fully on-chain.

Sure but if you’re going to present something at least present a picture that matters. Even if it’s not provable.

It's possible. It's called auditing by a big 4 firm, which Binance will never allow because they're a fraud.

Is Coinbase a fraud?

They're not a fraud. But they do have fraudulent securities on their platform.

> These Big 4 are the four largest public accounting firms in the world:

Deloitte.

PricewaterhouseCoopers (PwC)

Ernst & Young.

KPMG.

In case nobody has heard (I hadn't)

Everyone else has.

I haven't

I haven't either

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