Binance Bitcoin
Best for independently tracked protocol
How it rates
- Accounting methodology published
- $4,446m recorded independently
- No audit report linked in the public dataset at this check
- Single-chain deployment
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- Not metIndependent audit report linked publicly
No audit report linked in the public dataset at this check.
defillama.com/protocol/binance-bitcoin - Not met
- MetTracked by an independent analytics platform
Listed with published value and history.
defillama.com/protocol/binance-bitcoin - Met
- MetApplication reachable at a public address
Reachable without an account at this check.
www.binance.com/en/collateral-btokens
- MetApplication reachable without an account
Reachable without an account at this check.
www.binance.com/en/collateral-btokens - MetProtocol economics published independently
Value and change history published.
defillama.com/protocol/binance-bitcoin - Met
- PartialFee or reward model documented publicly
Application reachable for review; specific rates not captured at this check.
www.binance.com/en/collateral-btokens - MetNo account required to reach the application
Reachable without an account at this check.
www.binance.com/en/collateral-btokens
- Met
- Met
- Met
- Not met
- Met
- Met
- Not met
- Met
- Met
- Met
- MetApplication reachable
Reachable without an account at this check.
www.binance.com/en/collateral-btokens - Met
- Not met
- Met
- Met
An exchange-issued representation of Bitcoin holding $4.45bn, backed by bitcoin held in the exchange's own custody.
Our assessment
Binance Bitcoin represents $4.45bn of bitcoin held in exchange custody and issued as a token on another chain. There is no protocol to audit in the usual sense — the backing is an exchange's balance sheet.
Exchange-issued wrappers are custody products
The token is a claim on bitcoin the exchange holds. Its value depends on the exchange remaining solvent, honouring redemption and not being compelled to stop. Smart contract audits are largely beside the point; the relevant evidence is the exchange's proof of reserves, its regulatory position and its track record — all of which we assess in our exchange comparison.
Convenience at the cost of the original premise
For someone already holding bitcoin on the exchange, wrapping it for use on another chain is a single click with no bridge risk. It also means bitcoin held specifically to avoid counterparty exposure is now a counterparty claim. That trade is fine if made deliberately and unfortunate if made by default.
No published protocol audit
No audit report was retrievable at a public address at this check. Given the custodial structure, published proof of reserves for the specific wrapper — showing bitcoin held against tokens issued — would be more informative than a contract audit, and is what we would want to see.
Who it suits
This fits users already holding on the exchange who want their bitcoin usable on another chain. Users who want verifiable on-chain backing should compare WBTC, which publishes proof of reserves.
How rivals compare
| Service | Score | Best for | |
|---|---|---|---|
| Portal | 9.6 | audited protocol with published methodology | Read → |
Frequently asked
Does this score mean Binance Bitcoin is safe?
No. It measures what an outsider can verify: linked audits, published methodology and independently recorded data. Contract and custody risk are not tested by us.
Where do these figures come from?
A public analytics dataset queried at the verification date, plus the audit reports it links. Anyone can re-run the query.
Why do some protocols score zero on audits?
Because no audit report is linked in the public record. It records what a user can reach, not a claim that no audit exists.