OKCoin Reveals BTC Reserves of 104% as China's Exchanges Undergo Audits

OKCoin Reveals BTC Reserves of 104% as China's Exchanges Undergo Audits

Chinese exchange OKCoin today released details of an audit to prove it holds 104.86% of the bitcoin reserves required to cover customer balances. Going forward, the company will also seek to implement a cryptographic 'merkle tree' verification system, allowing users to verify for themselves that their account balance was included in the audit data. Other China-based exchanges are busy working on audits of their own, following recent demand from the local community for the companies to be more transparent in their accounting. BTC China announced on 19th August that it would allow an....


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