Blockchain analytics provider CryptoQuant has released a report analyzing the recently released proof-of-reserves audit of the world’s largest crypto exchange, Binance.

Centralized exchanges have been cast into the spotlight over the past month following the collapse of FTX, none more so than Binance, which has been scrambling to reassure customers and investors that it has sufficient reserves and is fully backed.

A report by CryptoQuant released on Dec. 14 says its analysis confirms that Binance's reserves are accounted for.

Earlier this month, Binance released a proof-of-reserves report but it was criticized as being an “agreed-upon procedure” and not a full audit.

Additionally, the report didn’t address the effectiveness of internal financial controls, according to the former chief of the Securities Exchange Commission's Office of Internet Enforcement, John Reed Stark.

But CryptoQuant has backed the findings of audit firm Mazars, stating that liabilities reported by Binance are very close to its estimation of 99%.

“The report shows Binance’s BTC liabilities (customers deposits) are 97% collateralized by the exchange assets. Collateralization increases to 101% when the BTC lent to customers is accounted for.”

The analytics firm added that on-chain data suggests thatBinance’s Ether (ETH) and stablecoin reserves are “not showing 'FTX-like' behavior at this point.”

“Additionally, Binance has an acceptable ‘Clean Reserve,’ which means its own token, BNB, is still a low proportion of its total assets,” it reported.

According to data provider Nansen, around 10% of Binance reserves are held in its token. Binance currently holds $60.4 billion in total assets in its publicly disclosed addresses, and $6.2 billion of that total was BNB (BNB), Nansen reported.

Related: Crypto community members discuss bank run on Binance

Binance has faced a lot of FUD (fear, uncertainty, and doubt) this week that led to $5 billion in withdrawals from the exchange on Dec. 13. Fears of a liquidity crisis and another bank run scenario started to escalate.

However, the situation stabilized the following day and CEO Changpeng Zhao reported that day's outflows weren’t even in the top five largest for the exchange.

In a Twitter Spaces event, CZ also suggested that 99% of people were not equipped for self-custody of their crypto and that mospeople who attempted it would likely lose their coins one way or another.