The end of MiCA’s transition period has reshaped Europe’s digital asset landscape, with users moving to licensed platforms and evaluating exchanges on a broader set of indicators beyond regulatory status alone.
OKX published its 45th consecutive monthly Proof of Reserves report. The publication follows increased customer migration to the platform after the MiCA deadline. Since April, crypto deposits to OKX Europe from non-MiCA-licensed exchanges have increased by 5.5x, while app downloads grew 158% following the final weeks of the transition period. OKX Europe holds MiCA (CASP), MiFID II and Payment Institution licenses, allowing it to offer spot trading, derivatives, payments and other regulated services across the EEA.
As of its latest PoR report, OKX’s on-chain wallets hold:
- $23,122,555,086 combined across BTC, ETH, USDT, and USDC
- BTC: $8,625,966,590 (105% reserve ratio)
- ETH: $3,187,525,086 (103% reserve ratio)
- USDT: $9,776,273,021 (112% reserve ratio)
- USDC: $1,532,790,389 (101% reserve ratio)
Reserve ratios above 100% guarantee that customer assets are fully backed by on-chain holdings, with additional reserves beyond consumer liabilities.
“Regulatory frameworks like MiCA are essential for establishing market standards, but compliance alone only tells half the story,” said Erald Ghoos, CEO at OKX Europe. “Licensing and solvency answer two different questions. In a post-MiCA landscape, the standard for trust has fundamentally changed. Users no longer want to rely on promises; they want cryptographic proof. The combination of robust regulatory compliance and uninterrupted proof of reserves is expected to become the non-negotiable standard for digital asset platforms”.
OKX’s Proof of Reserves uses zk-STARK cryptography and Merkle tree technology, allowing individual users to verify that their own account balance is included in the audited liabilities without compromising personal information.
Reserve figures reflect OKX’s 45th Proof of Reserves report. Reserve ratios and covered assets are updated monthly; always refer to the live Proof of Reserves page for the current report.