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OKX Releases Fifth PoR Report with $8.9B in Clean Assets, Plans to Halt Canadian Branch

Chayanika Deka Mar 21, 2023 14:18
The report comes amidst significant turmoil in the financial sector.

Pushing on the new industry standard to boost transparency, OKX released its fifth proof-of-reserves (PoR) report. The latest edition demonstrated that the Seychelles-based crypto exchange holds clean assets worth $8.9 billion in BTC, ETH, and USDT.

Data shows that OKX’s wallets have 138,405 BTC, 1,325,259 ETH, and 3,264,352,204 USDT against user balances of 134,289 BTC, 1,284,812 ETH, and 3,199,251,622 USDT, respectively.

  • This proves that OKX is overcollateralized with a reserve ratio of 103% for Bitcoin, 103% for Ethereum, and 102% for Tether.
  • The report further highlighted that OKX holds the largest 100% clean asset reserves among major exchanges for the third consecutive month.
  • While the reserve ratios of Bitcoin and Ethereum noted a minor decline since the last report released in February, its holdings have increased by nearly 3.5% during the same time period.
  • Reserve ratio of stablecoin USDT, on the other hand, remained unchanged.
  • Lennix Lai, the managing director of Global Institutional at OKX, stated,

“OKX is continuously enhancing our approach to exceed market standards and achieve real-time, trustless verification of reserves, liabilities, and solvency. This kind of dynamic, on-demand audit could be fundamental to a next generation financial system, and is very relevant given the heavy scrutiny the current banking system is experiencing.”

  • Going forward, OKX plans to upgrade its PoR with zero-knowledge proof technology, an approach that will enable users to verify that all client deposits are accounted for and guarantees solvency by comparing the net equity of user assets to exchange reserves.
  • Last week OKX suffered a temporary outage due to intermittent issues with its servers, the second in three months.
  • More recently, OKX sent an email to Canadian users revealing that it will soon be shutting down operations in the country by mid-2023. The exchange notified that withdrawals will remain open until June 22, and users must transfer their crypto and fiat to other crypto wallets or linked banked accounts.
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Chayanika Deka

Chayanika has been working as financial journalist for five years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact:Linkedin

Tags: CanadaOKEx