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....
Related News
OKCoin has passed a Proof of Solvency/Proof of Reserves audit conducted by Stefan Thomas. The audit was announced on Weibo yesterday. Fellow Chinese Bitcoin exchanges, Huobi and BTC China, are also expected to release similar announcements soon. Stefan Thomas previously conducted the same Proof of Solvency/Proof of Reserve audits for Bitfinex and Kraken. Similarly, Bitstamp was able to pass an independent test and prove their solvency to BitcoinJ developer Mike Hearn. OKCoin, along with many other industry-leading Bitcoin exchanges around the world, all now believe that providing Proof of....
Huobi announced (via reddit, yesterday) that it will be implementing an industry standard Proof of Reserves program by the end of August, with a Trading/Asset Separation scheme to follow in September. Huobi is following in the footsteps of its foreign and domestic exchange counterparts by submitting its database and hot and cold storage wallets to a third-party audit. Their action follows on from wider concerns raised by the Chinese Bitcoin community that Chinese exchanges are operating by fractional reserve and user demands that exchanges prove 100% reserves. The Spectre of Mt. Gox means....
The ‘big three’ Chinese exchanges – BTC China, OKcoin, and Huobi – have been ramping up their offerings to customers and have demonstrated their desire to expand into lucrative western markets. In a follow-up to our previous interview with OKcoin, this time we got the chance to talk with the CTO of the Beijing-based exchange, Changpeng Zhao, who shared his thoughts on his company’s recent audit, the NY state BitLicense and a whole lot more. CoinTelegraph: OKcoin has revealed it has 104% reserves when it underwent an audit last month. Why did you decide to do this audit and are you looking....
Two Chinese Bitcoin exchanges, BTC China and OKCoin, have recently announced new international trading features. Earlier today, in a selfpost to Reddit, BTC China revealed their newest features: Withdrawals and deposits in both USD and HKD. Just a few days ago, fellow Chinese Bitcoin exchange, OKCoin, also announced the launch of English-language service in the form of a new website and USD deposits and withdrawals. Bitcoiners around the world will now have two new options for their Bitcoin trading. It seems that Chinese Bitcoin exchanges are now comfortable enough in their position within....
OKCoin, one of the two Chinese Bitcoin exchanges, is demonstrating progress in sorting out user fund withdrawals. On Feb. 9, it was requested by the People’s Bank of China (PBoC) to halt Bitcoin and Litecoin withdrawals. On March 1, OKCoin told their users that the exchange is approving the transfer of user funds stored on the global OKCoin trading platform to their Chinese site because the company’s .CN platform is nearly ready for approval by the PBoC and relaunch. Earlier in January, the PBoC asked OKCoin and Huobi, two of the largest Bitcoin exchanges in China, to suspend trading until....