In a significant move reinforcing trust and transparency in the crypto industry, OKX has released its latest Proof-of-Reserves (PoR) report, revealing $7.5 billion in audited reserves—none of which include its native token. This marks the exchange’s third PoR publication and the first to provide a detailed asset breakdown, highlighting its commitment to accountability in the wake of industry-wide scrutiny.
Transparent Reserves with a 100% Clean Asset Profile
The January 2023 report confirms that OKX’s reserves are overcollateralized across major digital assets:
- Bitcoin (BTC): 105% reserve ratio
- Ether (ETH): 105% reserve ratio
- Tether (USDT): 101% reserve ratio
This overcollateralization ensures that user holdings are fully backed, with additional buffer assets securing the platform’s financial health. Notably, OKX’s reserves are composed entirely of “clean assets”—a term gaining traction in crypto transparency circles. Clean assets refer to reserves that do not rely on an exchange’s proprietary token, thereby eliminating conflicts of interest and valuation risks tied to internal tokens.
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CryptoQuant, a blockchain analytics firm, has developed a “cleanliness” metric to evaluate exchanges based on this standard. According to their data, OKX ranks at 100% clean, meaning none of its reserves are tied to its native token. In comparison:
- Binance: 87% clean
- Bitfinex: 70% clean
- Huobi: 60% clean
This positions OKX as a frontrunner in transparent reserve management, setting a benchmark for others in the industry.
Why Reserve Cleanliness Matters
The importance of clean reserves became glaringly evident after the collapse of FTX and its affiliated trading firm, Alameda Research. As investigative reporting revealed, a significant portion of Alameda’s balance sheet was backed by FTT—the native token of FTX—raising serious concerns about solvency and circular financing.
The U.S. Securities and Exchange Commission (SEC) later stated in a legal complaint that FTT qualifies as a security, citing that funds from FTT sales were intended to grow the FTX business, making it an investment contract under U.S. law. Former Alameda CEO Caroline Ellison has acknowledged these claims as part of her cooperation agreement with prosecutors.
In contrast, OKX emphasizes that its native token was never used to finance operations or inflate treasury value.
“We’ve never used a native token to finance the company,” said Haider Rafique, Chief Marketing Officer at OKX. “The native token was never a big part of our business or treasury. It was always designed to engage active users and offer platform benefits like fee discounts.”
This clear separation between corporate financing and token utility underscores OKX’s long-term vision: building a sustainable exchange without relying on self-referential financial mechanisms.
No Plans for Exchange-Issued Stablecoins
While some platforms have ventured into launching their own stablecoins—often leading to controversy and loss of peg—OKX has taken a firm stance against such initiatives.
“We don't believe any trading venue, centralized or decentralized, should launch their own asset that gets traded, even if it's a stablecoin,” Rafique explained. “There are inherent conflicts of interest.”
This philosophy extends beyond stablecoins to all self-issued tokens. By avoiding in-house asset creation, OKX minimizes potential manipulation risks and maintains focus on serving users rather than promoting internal financial instruments.
OKX Ventures: A Separate Entity with Traditional Funding
Although OKX operates a venture arm known as OKX Ventures, the fund functions independently with its own balance sheet and leadership team. Crucially, investments are made using fiat currency, not crypto assets or exchange tokens.
“It’s a very traditional fund with a very traditional format,” Rafique noted, emphasizing the structural separation between the exchange and its investment activities.
This model reduces systemic risk and ensures that capital allocation decisions are made independently of trading platform dynamics. It also aligns with regulatory expectations for financial clarity and operational independence.
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Monthly Reporting and Community Audits Ahead
OKX plans to publish its Proof-of-Reserves report on a monthly basis, reinforcing ongoing transparency. Additionally, the exchange intends to launch a bug bounty program, inviting developers and security experts to scrutinize its PoR methodology.
This open approach invites public participation in verifying the integrity of the system—a step toward decentralized accountability. By encouraging external audits, OKX aims to foster industry-wide improvements in reserve verification standards.
“I personally think everyone will learn a ton over the next six months to a year,” Rafique said. “We will all stress test each other’s proof of reserves, hopefully in a constructive way.”
Core Keywords
- Proof-of-Reserves
- Clean assets
- Exchange transparency
- Overcollateralization
- Cryptocurrency reserves
- OKX audit
- Crypto security
- Reserve ratio
Frequently Asked Questions
Q: What does 'clean assets' mean in crypto exchanges?
A: Clean assets refer to reserves that do not include an exchange’s native token. A 100% clean reserve means all user funds are backed by widely recognized cryptocurrencies like BTC, ETH, or stablecoins like USDT—without reliance on internal tokens that could pose valuation or liquidity risks.
Q: Why is overcollateralization important?
A: Overcollateralization ensures that an exchange holds more assets than user liabilities. For example, a 105% BTC reserve ratio means for every $100 owed in bitcoin, the exchange holds $105 worth. This provides a safety margin against market volatility and operational risks.
Q: How often will OKX publish Proof-of-Reserves reports?
A: OKX plans to release these reports monthly, making it one of the most consistent contributors to transparency in the crypto space.
Q: Does OKX use its native token for financing?
A: No. According to OKX leadership, the native token has never been used to fund company operations or serve as treasury collateral. It exists primarily for user engagement and fee benefits.
Q: Is OKX Ventures funded with crypto?
A: No. OKX Ventures operates as a separate entity and makes investments using fiat currency, maintaining clear separation between trading operations and venture capital activities.
Q: How does OKX compare to other exchanges in transparency?
A: With 100% clean reserves and full asset disclosure, OKX outperforms major competitors like Binance (87% clean) and Huobi (60% clean), positioning itself as a leader in transparent reserve practices.
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