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

Friday 22nd, August 2014 / 08:58
OKCoin Reveals BTC Reserves of 104% as China’s Exchanges Undergo Audits

Chinese exchange OKCoin today released details of an audit that proved it held 104.86% of the bitcoin reserves required to cover customers’ balances.

Going forward, the company will also seek to reassure its customers with a cryptographic ‘merkle tree’ verification system, allowing customers 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.

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