# Lifestyles & Discussion > Bitcoin / Cryptocurrencies >  OKCoin Reveals BTC Reserves of 104% as Chinas Exchanges Undergo Audits

## muh_roads

http://www.coindesk.com/okcoin-reveals-btc-reserves-104-chinas-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 independent third-party audit of its hot and cold wallets, while Huobi is in the process of implementing its own merkle tree-based proof system. Huobi is also working to integrate its newly-acquired multi-signature wallet service Quickwallet.
> OKCoin’s audit, which lasted four days, was completed free of charge by Stefan Thomas, CTO of Ripple Labs. Thomas had previously overseen similar audits for digital currency exchanges Kraken and Bitfinex.
> CEO Star Xu acknowledged that today’s audit represented “just one point in time”, but promised that more would occur on a regular basis as a necessary step towards financial transparency.
> OKCoin’s CTO, Changpeng Zhao, said:_“We have always sought to provide our customers with confidence in OKCoin’s security and world-class technology architecture. Whilst many bitcoin businesses have talked about being transparent, only a handful have taken the necessary steps.”_*Huobi’s response*
> 
> Huobi posted a statement on Reddit detailing its thoughts on the proof-of-reserve matter.
> ...

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## muh_roads

BTC-China claims the same.

https://twitter.com/btcchina/status/503897436096851970




> *BTC China*‏@btcchina
> BTCChina audited by 8 prominent Bitcoiners: 100% of funds accounted for. Auditors' original statement & translation- http://ow.ly/i/6EUK7





> *BTC China* ‏@btcchina





> Aug 25





> @btcchina Translation into English: pic.twitter.com/38TKwNLfUx

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