Overview of OKX's Proof-of-Reserves Report
OKX has released its third proof-of-reserves (PoR) report, disclosing $7.5 billion in reserves predominantly held in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Notably, the exchange’s reserves exclude its native token, aligning with CryptoQuant’s "clean assets" metric, which rates OKX’s reserves at 100% cleanliness.
Key Findings:
- Reserve Ratios: 105% for BTC, 105% for ETH, and 101% for USDT.
- Transparency: First report to include a detailed asset breakdown.
- Monthly Updates: OKX commits to publishing PoR reports monthly and launching a bug bounty program for independent verification.
👉 Explore OKX’s transparency initiatives
Why "Clean Assets" Matter
The collapse of FTX underscored risks tied to exchanges relying on their native tokens (e.g., FTT) for liquidity. The SEC’s complaint against Caroline Ellison highlighted such tokens as potential securities, exacerbating trust issues.
OKX’s Approach:
- No Native Token Dependence: OKX’s token is utility-focused (e.g., user discounts), not a treasury instrument.
- Stablecoin Policy: Avoids conflicts by not launching its own stablecoin.
Separation of Exchange and Investments
OKX Ventures, the exchange’s investment arm, operates independently:
- Fiat-Only Investments: Uses traditional currency, not crypto.
- Dedicated Management: Separate team and balance sheet.
Industry Context
- CryptoQuant Data: Binance (87% clean), Bitfinex (70%), Huobi (60%).
- Regulatory Scrutiny: SEC’s focus on exchange tokens as securities.
FAQ Section
1. What are "clean assets" in crypto exchanges?
Clean assets exclude native tokens and consist of widely recognized cryptocurrencies (e.g., BTC, ETH) or stablecoins.
2. How often will OKX update its PoR report?
Monthly, with additional audits via a bug bounty program.
3. Why does OKX avoid its own stablecoin?
To prevent conflicts of interest and maintain trust.
👉 Learn more about OKX’s reserve policies
Conclusion
OKX’s PoR report sets a benchmark for transparency, distancing itself from the pitfalls seen at FTX. By prioritizing clean assets and regular audits, OKX aims to rebuild industry trust.
Keywords: proof-of-reserves, clean assets, OKX, CryptoQuant, native tokens, FTX, SEC, transparency
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