Second proof of reserves is published by cryptocurrency exchange OKX

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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 status.

The launch of a new feature was also announced, according to Rafique, which enables users to “view OKX reserve ratios for new and historical data,” “self-verify on-chain assets,” and “download new and historical data.”

OKX’s second proof-of-reserves ratios indicate that the exchange has 101% of Bitcoin $16,831 , 103% of Ether $1,218 and 101% of Tether
USDT $1.00 needed to handle all withdrawals of these cryptocurrencies. The exchange’s previously released PoR attestation from a month ago indicated that OKX had 102% of the BTC and ETH, as well as 101% of the USDT, needed to handle all withdrawals.

Following the abrupt collapse of FTX, the exchange hopes that by publishing monthly proof-of-reserves reports, it will encourage transparency and restore users’ faith in cryptocurrency exchanges.

According to Rafique, “monthly PoR results publishing strengthens our commitment to lead the industry in transparency and trust.”

The announcement was made shortly after a senior Securities and Exchange Commission official in the United States cautioned investors to be “very wary” when relying on a cryptocurrency company’s “proof-of-reserves.”

Paul Munter, the SEC’s acting chief accountant, said that the results 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 “lack” the information necessary for stakeholders to assess whether the company has sufficient assets to cover its liabilities.

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