Crypto Exchange OKX Releases Second Proof of Reserves
Crypto exchange OKX has published its second Proof of Reserves (PoR) on its website, just a month after the first was published.
Haider Rafique, chief marketing officer at OKX, said on Twitter that the crypto exchange is committed to sharing its reserves status every month.
NEW #OKX #proofofreserves released TODAY. This is our 2nd published PoR and we are committed to publishing monthly ✅
A quick overview of our PoR and new features….
—Haider (@Haider) December 23, 2022
The announcement also included the rollout of a new feature that allows “users to view OKX reserve ratios for new and historical data”, self-check on-chain assets, and download new and historical data, said Rafique.
OKX’s second proof-of-reserves ratios indicate that the exchange has 101% Bitcoin (BTC), 103% ether (ETH) and 101% Tether (USDT) necessary to manage all withdrawals of these cryptocurrencies. The exchange is previously published PoR certificate from a month ago reported that OKX had 102% of BTC and ETH, as well as 101% of USDT, needed to handle all withdrawals.
The exchange hopes that publishing monthly proof of reserve reports will help promote transparency and restore trust between users and cryptocurrency exchanges after FTX’s sudden collapse.
Rafique share“Publishing PoR results monthly reinforces our commitment to leading the industry in transparency and trust.”
Related: OKX publishes a Proof of Reserves page, along with instructions on how to self-audit their reserves
The announcement was made shortly after a senior government official United States Securities and Exchange Commission warned investors to be “very wary” of relying on “proof of reserves” from a crypto firm.
In a Dec. 22 interview with The Wall Street Journal, SEC Acting Chief Accountant Paul Munter shared that the results of these audits are not necessarily an indicator that the company is in good financial shape. According to him, exchanges’ proof of reserves reports “lack” sufficient information for stakeholders to determine whether the company has enough assets to meet its liabilities.
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