In a significant move reinforcing trust and transparency in the cryptocurrency ecosystem, OKX has released its third monthly Proof-of-Reserves (PoR) report, revealing $7.2 billion in fully backed digital assets. The reserves are composed entirely of high-liquidity, widely adopted cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), and the USDT stablecoin—earning the exchange recognition for holding the largest "clean" asset reserves among major crypto platforms.
This latest disclosure, verified through blockchain analytics from CryptoQuant, underscores OKX’s ongoing commitment to financial integrity in the wake of industry-wide scrutiny following the collapse of FTX in late 2022. The term "clean reserves" refers to asset holdings that exclude an exchange’s native token and consist solely of mainstream, market-dominant cryptocurrencies with transparent valuation and liquidity.
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What Are Clean Reserves and Why Do They Matter?
In the crypto world, user confidence hinges on trust. After high-profile failures where customer funds were lost or misused, the industry has rallied around Proof-of-Reserves as a critical standard for operational accountability. A clean reserve means an exchange holds user deposits in widely recognized digital assets—like BTC, ETH, and USDT—rather than inflating its balance sheet with its own proprietary tokens.
According to CryptoQuant, OKX leads the market with 100% clean reserves, totaling $7.2 billion. For comparison:
- Deribit: $1.4 billion in clean assets (100% clean)
- Crypto.com: 95.51% clean
- ByBit: 91.2% clean
- Binance: 87.6% clean
The presence of native tokens in reserves—such as CRO for Crypto.com or BNB for Binance—can introduce valuation uncertainty and conflict of interest, especially during market downturns. OKX’s decision to exclude its own token from reserve calculations sets a benchmark for transparency.
How Proof-of-Reserves Works
Proof-of-Reserves is a cryptographic method that allows exchanges to prove they hold sufficient assets to cover all user liabilities—ideally at a 1:1 ratio or better. The process typically involves:
- Compiling all user balances into a Merkle Tree, a data structure that summarizes large datasets into a single cryptographic hash.
- Publishing this hash along with the public addresses holding the actual funds.
- Allowing independent auditors or users to verify that their individual balances are included and that the total reserves match or exceed customer holdings.
OKX was one of the first major exchanges to adopt this protocol comprehensively. To date, it has published over 23,000 wallet addresses as part of its Merkle Tree PoR program, enabling users to self-verify their funds through trustless tools available directly on the OKX website.
Additionally, real-time insights into OKX’s holdings can be explored via the OKX Nansen Dashboard, offering unparalleled visibility into on-chain activity and reserve composition.
Overcollateralization: A Safety Net for Users
One of the most compelling aspects of OKX’s latest report is its overcollateralized reserve ratios as of January 18, 2023:
- Bitcoin (BTC): 105% reserve ratio
- Ethereum (ETH): 105% reserve ratio
- USDT: 101% reserve ratio
This means OKX holds more assets than customer deposits require—providing a financial buffer that enhances platform resilience during volatility.
At that time, user balances stood at:
- 117,682 BTC
- 1,178,993 ETH
- 2,955,696,824 USDT
By maintaining overcollateralization across core assets, OKX not only meets but exceeds industry expectations for solvency and risk management.
👉 Learn how you can verify exchange reserves using blockchain tools.
A Commitment to Long-Term Transparency
Speaking at a recent event in Hong Kong, Lennix Lai, Director of Financial Markets at OKX, reaffirmed the exchange’s unwavering stance:
“We have never misappropriated user assets before—and never will.”
To further strengthen trust, OKX is exploring the integration of zero-knowledge proof (ZKP) technology into its verification framework. ZKPs would allow the exchange to prove solvency without revealing sensitive data, combining privacy with accountability—a next-generation evolution in crypto transparency.
With a 24-hour trading volume exceeding $1.8 billion, OKX ranks as the third-largest cryptocurrency exchange globally, according to CoinGecko. Its consistent publication of PoR reports reflects a broader strategy to position itself as a leader in regulatory compliance, security, and user empowerment.
Frequently Asked Questions
Q: What does 'clean reserves' mean?
A: Clean reserves refer to an exchange’s asset holdings that consist exclusively of major cryptocurrencies like BTC, ETH, and USDT—excluding its own native token. This ensures greater transparency and reduces conflicts of interest.
Q: How can I verify OKX’s Proof-of-Reserves myself?
A: OKX provides public access to over 23,000 wallet addresses and a Merkle Tree root hash. You can use blockchain explorers or tools on the OKX website to confirm that your balance is included and that total reserves match reported figures.
Q: Why is overcollateralization important?
A: Holding more assets than liabilities protects users during market stress. A reserve ratio above 100% acts as a safety net, ensuring the platform can meet withdrawal demands even under adverse conditions.
Q: What role does CryptoQuant play in verifying OKX’s reserves?
A: CryptoQuant independently analyzes on-chain data to assess the composition and health of exchange reserves across the industry. Its metrics confirm OKX’s status as having the largest clean asset base.
Q: Is Proof-of-Reserves the same as a full audit?
A: Not exactly. While PoR proves asset ownership cryptographically, it doesn’t cover off-chain liabilities or operational finances. However, it’s a vital step toward full transparency and is increasingly seen as a baseline standard.
Q: Will OKX continue publishing monthly reports?
A: Yes. OKX has committed to releasing Proof-of-Reserves reports on a regular basis to maintain accountability and build long-term trust with its global user base.
👉 See how top exchanges are adopting advanced verification methods in 2025.
Final Thoughts
As the cryptocurrency industry matures, transparency is no longer optional—it’s essential. OKX’s latest Proof-of-Reserves report doesn’t just showcase financial strength; it sets a new precedent for how digital asset platforms should operate in the post-FTX era.
With $7.2 billion in clean reserves, overcollateralized positions, public verifiability, and plans to integrate zero-knowledge proofs, OKX is positioning itself at the forefront of secure and trustworthy crypto trading.
For users evaluating exchange safety, these metrics offer concrete data points to inform decisions—empowering individuals to choose platforms that prioritize integrity over optics.
The message is clear: real trust is built on proof, not promises.