OKX published a second proof of reserves (PoR) report and is intended to promote greater transparency in the crypto industry.
Just one month after publishing its first proof of reserves (PoR), the cryptocurrency exchange OKX has posted its second PoR on its website. The chief marketing officer of OKX, Haider Rafique, declared on Twitter that the cryptocurrency exchange is committed to regularly disclosing its reserve position.
The announcement also included the rollout of a new feature that allows “users to view OKX reserve ratios for new and historical data,” self-verify on-chain assets, and download new and historical data, Rafique said.
According to OKX’s second proof-of-reserves ratios, the exchange has enough Bitcoin ($16,844 BTC), Ether ($1,220 ETH), and Tether ($1 USDT) to handle all withdrawals of these cryptocurrencies.
According to the exchange’s previously published PoR attestation from a month ago, OKX has 101% of the USDT and 102% of the BTC and ETH needed to process all withdrawals.
Following the abrupt collapse of FTX, the exchange hopes that by publishing monthly proof-of-reserves reports, it would encourage transparency and restore users’ faith in cryptocurrency exchanges. Rafique shared:
“Publishing PoR results on a monthly basis strengthens our commitment to lead the industry when it comes to transparency and trust.”The revelation was made shortly after a senior Securities and Exchange Commission official in the United States cautioned investors to be “extremely careful”
When relying on a cryptocurrency company’s “proof-of-reserves.” Paul Munter, the SEC’s acting top accountant, said that the outcomes of these audits aren’t always a sign that the company is in sound financial standing in an interview with The Wall Street Journal on December 22.
He asserts that exchange proof-of-reserves reports “missing” the information necessary for stakeholders to assess whether the company has sufficient assets to cover its liabilities.
