Crypto Exchange OKX Releases Second Proof of Reserves, Promises Monthly Reports

Popular cryptocurrency exchange OKX has released its second proof of reserves (PoR) report. The crypto exchange also promised to release monthly reports showing its PoR audits.

Proof of Reserves (PoR) is an audit system through which a crypto exchange or custodian shows the public that the total assets it has are sufficient to back the deposited funds of its users. Such audits are carried out by third-party accounting firms. 

The scheme has garnered interest from exchanges and users, especially since the sudden collapse of the once-giant crypto exchange FTX.

OKX Release Second PoR Report

The crypto exchange revealed its reserves for the following cryptocurrencies – Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT). The details of the PoR results are publicly visible on OKX’s official website.

As shown on its website, OKX holds a reserve ratio of 101% for BTC. This implies that the exchange holds some 10,000 BTC more than the total BTC holdings of its users. Notably, this value is slightly lower than it was in the first PoR report released on November 22nd. The exchange held 102% of BTC in its reserve at that time.

OKX records a total ETH reserve ratio of 103%. The value is an increment from its ETH reserve in its first report, which sat at 102%. Also, the crypto custodian firm continues to hold 101% of the leading stablecoin, USDT. 

The crypto exchange also announced that it would be releasing its PoR on a monthly basis. It was revealed that the release would be made on the 22nd of every month.

Other Crypto Exchanges Release PoR Reports

Aside from OKX, other crypto exchanges have publicly published their proof of reserve audits. Leading crypto exchange Binance was among the first to release its BTC reserves. At the time, the exchange held a BTC reserve ratio of 101%.

CryptoCom is another exchange that has published its PoR audit for nine cryptocurrencies. Some of them included BTC, ETH, USDT, and USDC. The report showed that the exchange held a fully backed reserve.

Meanwhile, third-party accounting companies that conduct audits for crypto exchanges are backing out from servicing these crypto firms. Last week, Mazars, the auditing firm for Binance and CryptoCom, halted its services to crypto customers. Armanino, another accounting firm, took the same step.