OKX has released a Proof of Reserves page, which includes instructions on how to self-audit its reserves.

The page has an option that lets you see how much of each currency (BTC, ETH, and USDT) how much are they holding in OKX reserve.

The crypto exchange OKX has released a page that allows users to check its reserves to make sure it has enough money to pay its customers. Crypto exchanges are being closely under radar after the recent collapse of FTX. OKX announced the new page on Twitter and on its blog.

The Proof of Reserves page has two ways that users can check to see if the exchange has the money that it says it does.

The first section shows how much of each currency the exchange has on hand, and how much it owes to other people.

This summary currently indicates that OKX has 102% of the BTC and ETH it needs to handle all withdrawals in these coins, while it says that it has 101% of the USDT needed to handle all Tether withdrawals.

The second option is labelled “view my audit.” It allows the user to login and see their account balances at the exchange. The company said that the numbers in the asset overview page in the app’s dashboard should match the numbers in the app, unless the user has taken out a loan.

Some people may not trust the company’s web app to give them accurate information. To fix this, the company has provided two help file documents. These documents explain how to check the reserves using the console on a PC. These documents explain how to check if your assets are included in the OKX Merkle tree, and how to verify OKX’s ownership and balance of a wallet address.

One of the documents explained how to use the OKX app’s API to get a list of customer balances and compare them to balances publicly available on the blockchain. The other person explained how users can get a merkle leaf of their own balances. This leaf shows how much money the user has. The leaf is part of a larger tree that shows all the money in the world.

In the press release, OKX Director of Financial Markets, Lennix Lai, expressed the view that this Proof of Reserves page will help to bring greater transparency to the crypto exchange market:

The company behind the FTX crypto exchange declared bankruptcy after experiencing a sudden shortage of money from November 7-11.

Several executives from major crypto exchanges have said that they need to have Proof of Reserves pages so that people can see how much money is available. This is so that something like this event never happens again.

They ertr previously announcing that OKX would show Proof of Reserves “as soon as possible.” Kucoin and Binance have also said that they will do the same thing within the next few weeks. Other crypto exchanges have been providing information about how much they have in reserves, even before the FTX story broke. These include Gate.io, Bitmex, and Kraken.