WhiteBIT is a platform aiming to provide the highest security level for its customers. It is the largest European crypto market provider with 3+ million users around the globe. The exchange was founded in 2018, and from its first days, it has been working according to the AML policy, engaging various protection measures to save its clients’ data. Regular auditing also confirms that it is the safest crypto exchange.
The text below will explain what AML means, and how users can protect their crypto accounts while working with this exchange.
How does WhiteBIT protect its customers?
AML is one of the main concepts standing behind WhiteBIT’s security system. It is a policy aimed at preventing any money laundering operations.
One of the most significant aspects of the AML policy is KYC. This term stands for the know-your-customer identification procedure that requires users to provide WhiteBIT with their identifying documents.
The next layer is the financial monitoring of suspicious transactions. There is also a WAF technology applied to the website. This option monitors the incoming traffic and blocks malicious sessions.
WhiteBIT stores 96% of its assets on cold (offline) wallets. Besides, there is also an insurance fund, which ensures that users will receive compensation in case the platform is attacked.
While the company works hard to protect your data and funds, you can also do your part.
What can users do to protect their accounts?
As a customer interested in your funds’ safety, you can do the following actions to secure your account even more.
- Turn on 2FA. Each time you enter the exchange, you’ll have to enter an additional code aside from your password.
- Turn on the PIN code. It works only for the app.
- Activate the Anti-Phishing code. This feature helps to validate the e-mails sent to you and confirm their sender’s identity.
- Pass identity verification.
- Turn on the Whitelist option. Users can save addresses they are sure about.
Using these security measures will keep your money safer than ever.
Why does KYC matter?
KYC is important not only for most crypto exchanges, but for customers themselves. Users usually don’t like to share their data. Besides, it spoils the very idea of anonymity. But would you work with a platform that helps terrorists to launder money and send them to terrorist organizations?
Verifying your identity allows the exchange to secure itself and you from being involved in crimes. It’s worth mentioning that if you passed KYC and have never been engaged in any unlawful deeds, your account will not be banned after financial monitoring because the system knows you. It matters when you work with significant amounts of crypto.
WhiteBIT is a centralized cryptocurrency exchange that holds all of your private keys, but it spends hundreds of thousands of dollars to provide the highest security level possible. A big technical team provides the conditions where users can think more of trading and ways to optimize it, rather than worrying about the funds’ safety.
If you still have doubts, ask yourself, do you feel safer when a serious institution guards your bank account or when all your money is kept under your bed? We believe you don’t even want to think about that. That is why WhiteBIT is out there, providing you with a top-class security and crypto trading experience.