In the words of Lennix Lai, Managing Director of Financial Markets, “We are proud to continue the monthly publishing of our Proof of Reserves in line with our unwavering commitment to transparency and trust here at OKX.”
OKX’s February Proof-of-Reserves (PoR) report revealed that the exchange holds $8.6B in clean assets. According to the report, OKX’s reserves of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) remain overcollateralized.
JUST IN: Crypto exchange OKX february proof-of-reserves report shows $8.6B in ‘clean assets’. Overcollateralized of $ETH, $BTC, $USDT.
— whalechart (@WhaleChart) February 20, 2023
OKX’s Tether reserve ratio has increased by 1% since January’s PoR audit. However, the ratios of its BTC and ETH assets have decreased to 104% from last month’s 105%.
Clean reserves refer to all crypto holdings of a crypto exchange excluding its native token. OKX’s chief marketing officer noted that the platform does not include its native currency, OKB, as part of its treasury. He added,
“Our native token was always designed to engage our most active customers and give them a way to seek discounts through activity on the platform.”
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As per the metrics by CryptoQuant, OKX, and Deribit are the only exchanges with fully clean reserves. Meanwhile, Binance’s clean reserve ratio stands at 94.4%, while KuCoin has 82.3% clean holdings. Furthermore, the ratio of clean reserves for Huobi is the least among other exchanges at 60.6%.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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