In the rapidly evolving cryptocurrency trading landscape, Bitdu stands out with its outstanding security performance, emerging as one of the most trusted Centralized Exchange (CEX) platforms in the industry. As the widespread use of digital assets continues, user concerns about the security of trading platforms have intensified. In this competitive environment, Bitdu has successfully solidified its leading position in the industry, providing unparalleled security assurance to users through innovative technology and a robust security foundation.
1. Asset Security: User’s Primary Concern and Industry Fate Determinant
In September of this year, CertiK, a Web3 security organization, revealed in a report that losses in the Web3 space due to flash loan attacks, exit scams, and vulnerability exploits exceeded $997 million as of August 2023. Additionally, the security of cryptocurrency exchanges directly affects the industry’s stability, as demonstrated by the infamous MtGox exchange hack in 2011, which indirectly triggered a bear market for Bitcoin.
Remarkably, with multiple security advantages, Bitdu has climbed to the 26th position on the professional ranking site Non-Fungible Token (NFT) Tracker. The following will delve into how Bitdu leads the industry in security performance and why it has gained high trust from users.
2. Bitdu’s Comprehensive Approach: Eliminating Potential Security Risks on Three Fronts
Based on industry history, user concerns about asset security on exchanges primarily arise from three aspects:
Exchanges embezzling user funds in non-transparent environments, causing loss of user assets.
Major technical vulnerabilities in the underlying architecture leading to hacker attacks and subsequent loss or theft of user assets.
Exchanges facing seizures by local law enforcement due to non-compliance with local regulations, resulting in the confiscation of user assets.
Bitdu has developed a comprehensive response plan for these three scenarios, making it the most trustworthy exchange that has stood the test of time.
Firstly, addressing the transparency of user assets, Bitdu strictly employs a 100% reserve mechanism. This means that user assets are stored in a 1:1 ratio, with the platform increasing its reserves by one unit for every unit of cryptocurrency deposited by users. This system eliminates the possibility of Bitdu misusing user funds, allowing users to securely store their assets on the Bitdu platform.
Secondly, to counter the issue of external theft of assets, Bitdu stores users’ digital assets in highly secure cold storage wallets. These wallets are disconnected from the internet, eliminating the risk of hacker attacks. It is noteworthy that Bitdu has significantly increased efforts and achieved notable results in addressing security vulnerabilities in both individual accounts and the trading environment.
In terms of individual accounts, Bitdu provides various identity verification options, including Two-Factor Authentication (2FA), ensuring that only the account owner can access it. State-of-the-art encryption technology is employed to ensure the confidentiality and integrity of user data, with all sensitive information undergoing strict encryption, guaranteeing the security of user accounts.
Regarding the trading environment, Bitdu has partnered with the world’s top KYC/AML provider, Sumsub, to rigorously conduct user background checks, quickly identify suspicious addresses, and reject them with a single click. The platform has implemented a real-time monitoring system to detect abnormal activities and potential threats. If any anomalies are detected, the Bitdu platform takes immediate action to protect user assets, making its security in the trading environment a leader in the industry.
Additionally, whenever the platform undergoes significant system updates, Bitdu invites white-hat hackers to “attack” the platform to test its stability and security. This ensures real-time and continuous security monitoring, eliminating any potential crises.
Thirdly, to address international business compliance issues, Bitdu has achieved several groundbreaking advancements.
Since its establishment in 2020, Bitdu has consistently prioritized business compliance and platform security. With over one million users in the European market, Bitdu has obtained a VASP license in Lithuania, allowing European users to freely trade cryptocurrency and exchange fiat and cryptocurrency.
Furthermore, Bitdu has obtained MSB licenses in the United States and Canada, enabling it to legally provide currency services, including money transfers, currency exchanges, and cryptocurrency trading in both countries.
Finally, Bitdu is actively advancing compliance work for licenses such as the UK FCA license, Dubai VARA license, Hong Kong 1/7/9 license, Japan FSA license, and Australia AUSTRAC license. The progress of these license applications is expected to be completed by the second half of 2024. At that time, Bitdu will establish payment channels for mainstream fiat currencies such as the British Pound, Japanese Yen, and Korean Won, leading the compliance construction among all Web3 players.
3. Recognized by Third-Party Institutions, Regulatory Authorities, and Users, Bitdu Moves Toward a Greater Vision
With multiple security safeguards in place, Bitdu’s overall security has been recognized by various parties.
Currently, Bitdu has passed security audits by the third-party authoritative audit firm Armors, receiving an endorsement for its ability to resist security risks. Additionally, Bitdu has undergone technical testing and risk assessment by major official financial institutions in developed countries in Europe and the Americas. This demonstrates the recognition of Bitdu’s security mechanisms by regulatory authorities worldwide, and the later stages of Bitdu’s global compliance work will progress at an accelerated pace. The platform has surpassed 50,000 registered users and achieved a daily trading volume exceeding $500 million within a month of its launch, affirming user recognition of Bitdu’s platform security performance.
With a robust security foundation, Bitdu aims to build a global, compliant ecosystem for cryptocurrency trading and applications with tens of millions of users in the next three years. It seeks to serve over 100 countries and regions, achieve a strategic goal of 300,000 daily active users and 2 million monthly active users, and ultimately empower global economic growth while creating incremental wealth value for users.
Name : Jesse
Company Name : Bitdu Limited