When completing an audit of the exchange’s reserves, users have two unique options to select from on the proof-of-reserves page.
The first allows customers to see a simplified version of the exchange’s current reserves and liabilities for its main three cryptocurrencies, Bitcoin, Ether, and Tether.
The user has the option of logging in and obtaining a summary of their balances at the exchange.
Because some clients may not accept the information offered by the firm’s web app, the business has also made two help file papers accessible that outline how to audit the reserves using the console on a PC.”
One of the articles contained instructions for querying the OKX app’s application programming interface (API) to get a Merkle tree of client balances and comparing the findings to balances that are publicly available on the blockchain.
The second participant described how people might get a Merkle leaf that corresponds to their own balances and validate that this leaf is a part of the overarching tree.
According to the news release, Lennix Lai, director of financial markets at OKX, feels that this proof-of-reserves website would assist to provide more transparency to the cryptocurrency exchange market: “Thanks to our newly implemented proof of reserves page and self-audit tool, users can now verify that their assets are adequately backed.
The cryptocurrency exchange FTX had an unanticipated lack of liquidity between November 7 and 11, resulting in the failure of the company that ran it.
In response to this episode, multiple executives from major cryptocurrency exchanges have said that proof-of-reserves pages must be established in order to provide transparency and guarantee that an event like this does not occur again.
OKX has previously said that it would provide documentation of reserves “asap.”
Both KuCoin and Binance have said that they intend to publish proof of reserves over the next several weeks.
Even before the announcement of FTX, a number of other cryptocurrency exchanges, including Gate.io, Bitmex, and Kraken, have provided proof-of-reserves websites.
Central Bank Executive Says Hong Kong Working On Investor Protection Measures
The chief executive officer of the central bank in Hong Kong seemed to have an optimistic perspective on the future of decentralized technology in the wake of the current crypto pandemic; nevertheless, the governor of the central bank in Korea had his worries about the subject.
At this very moment, the governors of central banks from all over the globe are assembling in Thailand in order to discuss the function of central banks in this day and age of fast advancing financial technology.
The Bank of Thailand (BOT) and the Bank for International Settlements will both act in the capacity of co-hosts while they are present at the conference (BIS).
A panel discussion on digitalized monetary systems was attended by Eddie Yue, chief executive of the Hong Kong Monetary Authority; Changyong Rhee, governor of the Bank of Korea; Adrian Orr, governor of the Reserve Bank of New Zealand; and Cecilia Skingsley, from the Bank for International Settlements. The panelists examined the growing popularity of digital assets and central bank digital currency (CBDC), in addition to the dangers that are linked with the recently established technology.
The chairman of the Hong Kong Monetary Authority highlighted the innovations and benefits brought about by blockchain technology, as well as the potential implications that it would have on central banks. He also underlined the conceivable effects that blockchain technology would have on monetary policy.
According to Yue, CBDCs and stablecoins may eventually be able to offer a way of transaction that is not only more efficient but also more cost-effective in the long run.
He did make the point, though, that every new piece of technology has its own unique set of hazards, whether they be innovation risks or operational risks, and that these risks are unavoidable.
Yue pointed out that blockchain is, by its very nature, a decentralized technology; as a result, it is far more difficult to mitigate the risks that are associated with on-chain activities.
The governor of the Bank of Korea, Changyong Rhee, has voiced some skepticism regarding the possible uses of blockchain technology in the future, especially in the financial sector. This is in light of the recent crypto outbreaks.
Binance employs Trump audit company to check crypto reserves
The United States branch of Mazars served as the corporation of former United States President Donald Trump’s accounting firm for a significant amount of time.
In order to carry out the proof-of-reserve (PoR) audits that were prompted by the decline of FTX, the cryptocurrency exchange Binance is collaborating with the accounting firm Mazars.
According to a report published by the Wall Street Journal on November 30, Mazars, an accounting firm that previously worked for the company of the former President of the United States Donald Trump, has been appointed as an official auditor to carry out a “third party financial verification” as part of Binance’s PoR updates. Mazars will be conducting the audit.
A spokeswoman for Binance is quoted as saying that the accounting firm is allegedly already analyzing all of the publicly disclosed information on Bitcoin PoR and will also be confirming any future upgrades or tokens. The individual went on to say that the first verification upgrade for BTC will be finished by the end of this week.
Mazars is a global accounting business with its headquarters in the French capital of Paris.
Since 2019, its United States branch, Mazars USA, has been embroiled in a dispute with a request from the House Oversight and Reform Committee for some of President Trump’s financial documents. Mazars USA has been serving as Trump’s longstanding accounting company.
It was alleged that the company severed all relations with Trump and his family in the year 2022.
The announcement comes as Binance is now conducting PoR audits, which require it to move massive sums of money.
On November 28, Binance sent 127,351 bitcoins, which is equivalent to around $2 billion, to an unknown wallet. Subsequently, CEO Changpeng “CZ” Zhao said that the transaction was a part of the current PoR process.
The measure has caused some anxiety within the community since CZ has previously indicated that it is undesirable for cryptocurrency exchanges to be required to transfer significant sums of cryptocurrency in order to verify their wallet address.
As was previously reported, in reaction to the fall and subsequent bankruptcy of the FTX cryptocurrency exchange, Binance initiated a Proof of Reputation (PoR) procedure and mechanism.
In addition, the company announced the publication of a Merkle Tree-backed proof of funds for Bitcoin on November 25. This action was just one of several that Binance took to demonstrate its transparency.
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