Cryptoradar Blog

Security Matters: How to Protect Exchanges in the Crypto World

Jaume Vicent, Crypto Specialist at Bit2Me by Jaume Vicent, Crypto Specialist at Bit2Me
For over 10 years, Jaume has created high-quality content for blogs, news articles, newsletters, and websites with the aim of informing, educating, and enhancing the adoption of blockchain technology.

Updated: Mar 12, 2024

The trend among users is to look for reliable platforms, choosing cybersecurity over low fees or large trading volumes.

Security is one of the most critical elements for any exchange, as it is a sector vulnerable to malicious actors looking to get their hands on valuable information or customer assets.

A reliable exchange must guarantee the protection of its customers' assets and information and offer legal protection, with a physical and traceable fiscal headquarters, far from tax havens, among other things.

Bit2Me is aware of the importance of actively ensuring the security of its platform and, therefore, has highly qualified cybersecurity, compliance, and legal teams focused on protecting funds, data, and privacy.

How Does Bit2Me Safeguard Customer Security?

As we mentioned, Bit2Me has an active approach to cybersecurity and customer protection.

Crypto Management

First of all, the exchange is committed to protecting its customers' assets through several features, such as:

Cold storage: 100% of users' funds are stored in multi-signature cold wallets using HSM technology, thus ensuring an extremely high level of protection.

Collaboration with Ledger: For cold storage, Bit2Me collaborates with Ledger Enterprise, a leading company in cryptographic security. As part of this partnership, the crypto funds have insurance coverage of up to $150 million.

●  Bank deposits: Users' FIAT money is deposited in their own account, in an external entity regulated by the Bank of Spain and protected by a 100% guarantee, so users can immediately access their funds whenever they want.

Data protection: Bit2Me is committed to GDPR compliance and encrypts stored data in scattered chunks.

Bit2Me's customer protection work and strong commitment to compliance have led its team to win some of the most prestigious awards, such as the Golden Iberian Lawyer or the Best SME in regulatory and legal compliance in 2022.

How Does Bit2Me Safeguard the Security of Its Platform?

Bit2Me has a 360 approach in terms of cybersecurity, with a multi-layered security model that ensures a robust platform.

Here is how Bit2Me's multi-layered cybersecurity model works:

  1. Work area and anti-corruption policies: The first layer consists of continuously training employees, providing the highest security measures in software and hardware, and strict anti-corruption policies.
  2. Secure environments: All new developments are performed in test environments, passing quality and stability tests and cybersecurity review protocols.
  3. Infrastructure: The third layer of security is the standards that protect the platform infrastructure: WAF, isolated service execution, SIEM, internal and external SOC, IDS monitoring, and more.
  4. Crypto management: Distributed multi-signature, advanced MPC, automatic and integrity analysis, cold storage systems, etc.
  5. Account access: Users have five account access controls, including password, 2FA, authorized IP, AI analysis of connections and operations, and biometric access to the app.
  6. Customer protection: PBC analysis, card payment verification, 3DS, data encryption, and multilingual customer support.

Moreover, through a Bug Bounty program that rewards users who detect bugs or vulnerabilities, Bit2Me further strengthens its cybersecurity.

Thanks to this active and multi-layered approach, Bit2Me has obtained the highest cybersecurity certifications, such as ISO 27001 or ISO 22301, which endorse the information security management system for the purchase, sale, and custody of crypto assets, as well as the CSA Star, which ensures protection in cloud environments, covering transparency, audits and regulatory compliance.

All this has earned Bit2Me a track record of 0 thefts in its 9-year history. Unlike most cryptocurrency platforms, Bit2Me has never experienced any hacking.

Extra Security Measures

Bit2Me also takes legal protection measures, such as having its fiscal headquarters in Spain, far from tax havens, in a region with a clear legal framework regarding cryptocurrencies.

Although it may seem somewhat relative, the truth is that having the fiscal headquarters in a region with a regulation such as the MiCa Law is a competitive advantage over other platforms that have their headquarters in tax havens or in territories where scarce regulation causes uncertainty among customers.

Another security factor is its third-party audits. Bit2Me's platform has been audited five times by independent companies, always obtaining a positive result, financially and legally.

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