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Fortify the Security of your White Label Cryptocurrency Exchange Software

A cryptocurrency exchange is an online platform where users buy, sell or trade cryptocurrencies. Exchanges have two major things to handle – users’ funds and users’ data. The privacy and security of both should be ensured by every exchange platform.

Given a large amount of users’ funds stored on a cryptocurrency exchange, it is a luring target for cybercriminals. The number of cryptocurrency exchange hacks got doubled in 2018 –recording 6 incidents of security hacks compared to 3 in 2017. Furthermore, the amount of crypto assets being hacked got multiplied by 13 times, according to a report by Coindesk. Besides, over 7 crypto exchange hacks have been reported so far in 2019, the most severe being Binance attack, which resulted in a loss of $40 million worth of Bitcoins.
All these incidents lead to an indispensable need for multi-layer security to mitigate security risks associated with an exchange.
If you are planning to build your crypto exchange, whether from ground zero or simply white label cryptocurrency exchange software, make sure to reinforce it with the right security features to allay the chances of security hacks.
How to mitigate the security risks of your crypto exchange?
Integrating the following features into your cryptocurrency exchange can help you enhance the security of exchange while limiting the vulnerabilities associated with it.
Two-factor authentication
Two-factor authentication, also referred to as 2FA, is a two-step verification process or dual-factor authentication. It requires users to prove their identity by inserting credentials which they receive on different channels – on their registered email address and phone. This ensures authenticated access to a user account on a cryptocurrency exchange. Two-factor authentication is better than single-factor authentication as the former provides an additional layer of security. Integrate your white label cryptocurrency exchange software with 2FA to enhance its security.
KYC verification
KYC (Know Your Customer) is a process to verify the user’s identity and address. This helps ensure legitimate access to an exchange while warding off any illegal intentions of hackers. Ensure to have a geography-based KYC verification process in place to reinforce the security of your cryptocurrency exchange.


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