The OKX cryptocurrency exchange has made another move towards transparency by releasing its second Proof Of Reserves (PoR). Just one month after launching the first one, the exchange has released its second website.
Haider Rafique, OKX’s chief market officer, mentioned on Twitter that the cryptocurrency exchange is dedicated to sharing the state of its reserve each month.
NEW #OKX #testreservations Posted TODAY. This is our second published PoR, and we promise to publish each month.✅
This is a quick overview about our PoR and the new features.
—Haider (@Haider) December 23, 2022
The announcement also included the launch and acceptance of a new feature which allows users to view OKX reserve ratios for both new and historical data. Furthermore, users can self-verify their chain assets, and also download historical and current data. According to Rafique, this is all part of their mission to promote transparency and restore trust.
OKX’s second proof of reserves indicates that the exchange has 101% of Bitcoin (BTC), 103% of Ether (ETH) and 101% of Tether (USDT) to handle all withdrawals. This is in addition to the exchange’s earlier published PoR attestation from a month back that stated OKX had 102% of BTC, ETH and 101% of USDT.
The exchange believes that monthly test reserve reports, which will be published every month, will further promote transparency and trust between users of cryptocurrency exchanges and each other following the sudden collapse and reorganization of FTX. Rafique shared: “Releasing PoR results on a monthly basis strengthens our commitment to lead the industry when it comes to transparency and trust.”
Related: OKX publishes a Booking Test Page, as well as instructions for how to self-audit bookings
The announcement was made shortly after a senior official from the United States Securities And Exchange Commission (SEC) warned investors to be “very cautious” when relying on cryptocurrency firms’ services such as a “proof of reserve.” In a December 22 interview with The Wall Street Journal, the acting chief accountant of the SEC Paul Munter said that such audits are not an indication of a company’s financial health. According to him, the test reserve reports from the exchanges “lack” the information required to assess whether the company has enough assets in order to meet its liabilities.
