BingX has regarded [platform security] as its lifeline and thereby invested a myriad of manpower and resources to safeguard users' assets. Thanks to its solid security system, BingX has endured the test of the time and market. Since its establishment, BingX has experienced multiple extreme market conditions, and ensured the security of digital assets with zero crypto/wallet theft or loss. We have taken the following measures to ensure the security of the BingX platform for our global users.
- Security and risk management in all aspects: Security threats posed to exchanges are mainly incurred by internal and external risks. BingX has forged a stringent security system to nip all potential risks in the bud. BingX system adopts Sumsub’s 2FA verification, a KYC solution that leverages advanced AI technologies to detect potential risks incurred by cybercrimes. What's more, BingX implements a stringent risk control policy, requiring 2FA verification for all its employees' devices, passwords, emails, etc.
- Bank-grade custody solution: BingX exploits a bank-grade custody solution to regulate the permissions to servers, middleware and databases across all functional departments. BingX has passed the security audit of renowned security firms - CertiK and SlowMist. With world-leading experts in security architecture, web security, App security, terminal security, red-blue confrontation, blockchain security, and other fields, BingX effectively thwarts more than 9 million attack traffic in a single day, safeguarding the security and stability of transactions worth billions of dollars per day.
- Stringent security system: BingX has been adhering to a rigorous security system that closes off zero-day security holes and regularly reviews operation and maintenance databases, apart from supporting the custody of cold and hot wallets. BingX also stays vigilant against any risks to users incurred by crypto fluctuations. BingX extracts Mark Price from major spot exchanges (Huobi, Binance, OKX), and implements dynamic monitoring of price abnormality. Any abnormality in any exchange will be removed immediately, so as to protect users from volatile cryptocurrencies.
- Insurance fund: BingX has introduced an insurance fund mechanism as a financial guarantee to maintain normal transactions of contracts and compensate for the loss incurred by unpredictable risks.
- Strategic partnership: BingX and SlowMist have cooperated on a strategic security partnership in 2020, where close cooperation has been carried out on various aspects such as research on the security of the underlying infrastructure of public chains, on-chain analysis, and threat intelligence synchronization, and anti-laundering in the cryptocurrency industry. BingX also promotes a continuous optimization of its security safeguard measures. It has joined the SlowMist Zone and released the "Security Breach and Threat Intelligence Bounty Program", whereby any user spotting a vulnerability will get a reward based on the vulnerability level.