Two major crypto exchanges, OKX and KuCoin, have announced that Proof of Reserves, also known as Proof of Funds (PoF), will be available within the next month. The announcement comes in the midst of the FTX liquidity crisis. Other than OKX and KuCoin, 7 exchanges have issued separate statements in the last 24 hours stating that they would publish their Merkle tree reserve certificates to increase transparency. Binance, Gate.io, Poloniex, Bitget, Huobi, Deribit, and Bybit are among them.
In an official tweet on November 9, OKX stated, "For #OKX, transparency, risk management, & consumer protection come first. We're hiring Armanino for auditing & will publish an auditable Merkle POF asap. Here are 23 BTC addresses (~69K BTC) & 13 ERC20 addresses (~ $2+ BN) as a 𝗽𝗮𝗿𝘁 of our reserves for users to verify."