Primexbt trading: How do we protect investors’ assets?

In the crypto community and financial market, transparency is the most necessary and urgent because the recent context on many platforms is taking place some important issues that directly affect the assets of investors. Investors. So, in this article we want to tell you about how we value user privacy, your privacy and security concerns, and how to keep yourself safe. our platform infrastructure.

Investors who choose Primexbt have expressed that they are comfortable and familiar with user-oriented protections, such as mandatory address whitelisting, two-factor authentication, hash function password protect accounts and websites using SSL encryption and Cloudflare DDoS protection to prevent any unwanted activity. etc. As you can see, we have proven it Primexbt trading is an advanced, secure, reliable trading platform that has never been hacked and offers 99.9% uptime.

Are you curious how PrimeXBT gets the job done consistently and keeps investors’ funds safe and secure from any intrusion attempts, attacks or worse?

Set restricted areas:

Since the inception of PrimeXBT, Limited Jurisdictions have been the first step we have taken to serve our customers globally. PrimeXBT trading platform only agrees to provide services to customers who are not residents of a restricted country, including:
US
Canada
Japan
Algeria
Ecuador
Iran
Syria
North Korea
Sudan
The remote little islands of the United States
American Samoa
Russia
Israeli
Saint Vincent and The Grenadines
Access to PrimeXBT services does not necessarily mean that our customers’ activities through the service are legal under local laws, regulations or directives relevant to the client’s country of residence; therefore, it is important that every client consult with legal and tax advisors in your area regarding eligibility for such services.

Research has shown that strict IP blocking by country is not an effective way to prevent unauthorized access by users from those restricted jurisdictions Because in many cases it causes inconvenience. for our investors when they travel to restricted territories. For example, we may use software to hide IP addresses and by blocking IPs to certain countries, but unrestricted users may be unjustly blocked while traveling, potentially possibility of loss due to inability to trade.

So the only way we can do that is for every customer to confirm their country of residence at the time of user registration and before using PrimeXBT services.

Strict IP address checking has also been implemented, so whenever the login IP address does not match the country you initially selected, investors will receive an additional warning asking for confirmation. resident.

In addition, PrimeXBT legal department reserves the right at its sole discretion to request additional documents from the user at any time when using the PrimeXBT service, such as proof of address, ID form, etc., subject to various factors such as unusual customer activity or the amount of money transacted.

If PrimeXBT finds out that a user has false information about their whereabouts, the user will immediately have their trading account restricted.

We recommend and recommend that all existing and potential customers take the time to read the Primexbt terms and conditions carefully before using the Primexbt service.

AML compliance through crystal clear real-time data analytics.

The rapid development of technologies, the acceleration of new products and incredible innovation are the words we use in today’s financial world, but its loopholes also create new avenues. new for criminals and terrorists to launder money and many illegal activities take place to finance illegal financial activities.

With this in mind Primexbt has developed an in-house risk-based system for AML compliance, following the guidelines and recommendations set forth by the FATF for all Virtual Asset Service Providers. PrimeXBT has established and maintained strict compliance with appropriate policies, internal controls and procedures. Along with that comes risk sensitivity commensurate with its nature and scale in regards to record keeping, risk assessment of each client, incident reporting to the appropriate authorities. , continuous monitoring and AML/TF metric compliance.

The compliance team regularly conducts in-depth training on AML/TF compliance so that all direct and indirect PrimeXBT employees are well-versed in all aspects of compliance, including: how it works of the internal system; risk assessment information; requires or does not require intervention by the competent authority; and a series of actions depending on the situation.

The Primexbt service uses Bitfury’s Crystal AML compliant software and blockchain monitoring toolkit on all transactions. You wonder what that is for? To firmly rule out the bad guys who have obtained the cryptocurrency through illegal means involving hacking of exchanges, the dark web, etc.,

In addition, crystallographic analysis tools are also used to ensure PrimeXBT’s AML processes are compliant with global regulations and improve safety and security for PrimeXBT customers. Any asset in PrimeXBT is assigned a risk score based on Crystal’s proprietary algorithm, providing users with detailed information about the asset’s history to enhance PrimeXBT’s overall security and help promote a safer global financial community.
Another effect of Bitfury’s Crystal, PrimeXBT can effectively detect and isolate any cryptocurrency that is associated with bad actors such as hackers or terrorism, or involved in crimes such as money laundering. PrimeXBT does not allow transactions with anonymous crypto accounts to tamper with blockchain data.
With its prestige Primexbt increasingly has a foothold in this financial market, PrimeXBT attaches great importance to its role as a member of the global financial market and voluntarily cooperates with all authorities to prevent maximum blocking of ML/TF (Money Laundering and Terrorist Financing) activities. In any case, if there is a request from the authorities related to the suspect of illegal activities, PrimeXBT will work closely with law enforcement representatives to provide the necessary documents and information. according to user data protection laws. Only the appropriate legal or regulatory authority will receive customer transaction data. Otherwise, all details are kept private anytime, anywhere, completely safe and confidential.

How PrimeXBT keeps user funds safe?

In recent years, the financial market has also limited many cases of hacking and hacking exchanges. At Primexbt which has never been hit but not without, there are still prominent hacks by competitors which raise many questions about what happened and how cybercriminals were able to bypass security. confidentiality and access to what is supposed to be protected. We would like to take the time to explain how PrimeXBT keeps users’ assets safe and secure.

If you are an experienced investor, you will know that there are two main types of crypto wallets that exchanges use: cold wallets and hot wallets. Cold storage wallets are a solution to store crypto assets that are not connected to the internet and of course because they are not connected to the internet there is no way to access the funds held there. However, a hot wallet is a type of storage that has a direct connection to the internet and an exchange’s servers. If the client requests a withdrawal from the hot wallet, it means that the request is made to the system that automatically signs the transaction and is processed. Any such system is vulnerable to attack from a determined or skilled enough hacker and that is why platforms using such methods are so vulnerable to snooping and attacks.

Coming to PrimeXBT, all investors’ assets are stored in a cold wallet. PrimeXBT will process all withdrawals once a day, from 12:00 to 14:00 UTC. Withdrawal requests before 12:00 UTC will be processed on the same day. Any withdrawal request after 12:00 UTC will be processed the next day. It will be hard for us but guarantee for users so all money transfers are done manually after our team has checked and determined the level of risk, money laundering, activity suspicious transactions and other problems.

PrimeXBT offers the highest level of asset security by engaging experts in financial security and rigorous manual processes. The only limitation of this security solution is that withdrawals can only take place once per day.

We are still early days in the crypto industry, and although there is still no universally agreed set of rules by global governments on how companies like PrimeXBT should approach AML for individual customers, but we have been and will continue to rely on the guidance of best practices and recommendations to provide the best safety for users of the Primexbt service.

PrimeXBT trading platform does not provide an exchange service, supports anonymous users in terms of privacy, and directly provides a crypto-to-crypto gateway. As a result, our services are less or less likely to be used for money laundering or terrorist financing purposes. However, we still can’t let go and continuously monitor transactions using the industry’s best blockchain-based AML compliant software to ensure that we can be proactive and effectively deal with them. results of all suspicious transactions. Aiming to be the key link in the financial industry and Primexbt becoming a safer and more inclusive place for everyone.

We appreciate and value your trust in PrimeXBT.

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