Nosov: Creating digital services or cryptocurrency exchanges is not enough, the bigger challenge is to ensure their reliability

The rapid development of digital technologies, global digitalization, the growing popularity of various payment methods, the development of meta-universes, exchange, purchase, sale of NFT-tokens, i.e. blockchain technologies, set a key challenge for the world – to make digital services as reliable and secure as possible to avoid risks and cyber-threats.

Volodymyr Nosov, CEO of cryptocurrency exchange WhiteBIT, told about it at the European Cyber Agora 2022 conference in Brussels.

Global digitalization has brought cross-border payments to mankind, and open banking has begun to develop, allowing banks and third-party service providers to exchange financial information and services electronically with customers’ permission.  It is no longer necessary to come into an institution to verify a person – it can be done remotely.  However, all of these technologies mean that certain entities, companies or remote servers have large amounts of personal information, which is a high level of liability, risks, and cyber threats.

Volodymyr Nosov, CEO of cryptocurrency exchange WhiteBIT

“Digital solutions have significantly accelerated our lives and made them convenient and comfortable.  After the first year of the pandemic, the amount of funds raised in fintech industries worldwide increased by 96%.  The world has changed dramatically.  Impressively fast.  And today it is no longer enough just to create digital services or cryptocurrency exchanges, develop meta-worlds or other digital know-how.  A much bigger challenge is to ensure their reliability.  This is the key challenge for every company dealing with the collection of users’ personal information, especially financial information – to think about security first.  Then, about own profits.  The level of security of a company, dealing with finances, is its reputation.  We at WhiteBIT understand this, which is why we pay special attention to the security of our services”, – underlined Volodymyr Nosov.

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Today, WhiteBIT has implemented a set of security measures and systems.  Among them:

  • Anti-fraud systems that help prevent fraudulent transactions.
  • Identity verification via AML and KYC.
  • Keeping track of NODs and all security updates when dealing with cryptocurrency.
  • A separate security department constantly monitoring blockchain networks for vulnerabilities.
  • Secure withdrawals and account monitoring.
  • Transaction verification for clean withdrawal through “Crystal”.

These and other security measures make WhiteBIT today one of the top 3 cryptocurrency exchanges in the world in terms of security, according to an independent audit by Hacken.

Today, to counter cyber threats, technology companies must have their own cyber forces that will operate on a permanent basis.  Since not only physical reality needs control, but also virtual reality. With digital globalization because the meta-world is, particularly, about erasing physical, real borders between countries, the task of all interested countries governments and leading technology companies – to create and develop an international cybersecurity network.

“When we develop new technologies, we need to clearly understand that we give ground to new risks and give cybercriminals new grounds for a kind of test of their own strength and fraudulent schemes. Therefore, cyber education and centralized cyber defense systems should go hand in hand with the development and implementation of these technologies”, – highlighted the CEO of the WhiteBIT cryptocurrency exchange.

Reference: WhiteBIT is the largest cryptocurrency exchange in Europe. It meets all KYC and AML requirements. It is among the top 2 exchanges in the world in terms of security, based on an independent audit by Hacken and has an AAA rating.

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Alexis Wells

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