OKX, one of the largest crypto exchanges in the world, has published its Proof of Reserves (PoR) for the second time. OKX says this is part of its commitment to transparency, adding that it plans to publish PoR each month on the 22nd. Following the collapse of FTX, concerns have risen regarding claims of crypto exchanges holding sufficient assets to cover any redemptions. Coinmarketcap now incorporates proof of reserves as part of the information for crypto exchanges.
OKX reports that current reserve ratios are as follows:
- BTC: 101%
- ETH: 103%
- USDT: 101%
OKX reports that it has always maintained 1:1 reserves, and its Merkle tree PoR program covers three key above assets (BTC, ETH, USDT). The OKX Nansen dashboard covers additional assets and demonstrates that BTC, ETH, and USDT make up over 90% of holdings.
OKX also reports over 23,000 addresses to allow the public to audit asset flows.
OKX CMO Haider Rafique stated:
“Publishing PoR results on a monthly basis strengthens our commitment to lead the industry when it comes to transparency and trust. At OKX, we believe that PoR should be verifiable via open source tools so that users can self-verify the balances and ownership of our reserve addresses.”
OKX, based in Seychelles, claims over 20 million users. OKX does not serve US-based customers.