As crypto asset trading becomes more active, platform security and user asset protection have become the top priorities for every trader. Since its founding in 2018, BingX has treated platform security as its lifeline and continuously invested substantial human and technical resources to build a multi-layered, comprehensive security protection system. To date, BingX's global user base has exceeded 40 million. BingX is responsible for the security of every user's assets.
Below are the specific actions and measures BingX has taken to protect user assets:
- 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. 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.
- 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.
The BingX Shield Fund is a dedicated reserve created to protect our users and your assets. It is fully funded by BingX and provides users with strong security backing. Ensure users are fully protected in the rare event of platform security vulnerabilities, technical bugs, or targeted attacks, so users can trade with confidence.
Proof of Reserves (PoR) is a method used to verify that the assets held by an exchange match its claims. BingX commits not to misuse user funds. The platform maintains 100% reserve backing for user assets and publishes PoR reports on a regular basis, disclosing full reserve data for major cryptocurrencies including BTC, ETH, and USDT. BingX also engages multiple authoritative audit institutions to conduct audits.
BingX uses a protection system in which cold and hot wallets work together, minimizing the risk of assets being exposed to cyberattacks while ensuring convenient trading for users. Through offline generation with hardware wallets and financial-grade offsite backups, more than 50% of user assets are stored in offline cold wallets to effectively prevent hacker attacks. Hot wallets use trusted computing, multi-layer private key encryption, and real-time fund monitoring to ensure daily trading is both convenient and secure.
- 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. The platform integrates Sumsub's two-step verification and uses advanced artificial intelligence to detect potential cybercrime risks. What's more, BingX implements a stringent risk control policy, requiring 2FA verification for all its employees' devices, passwords, emails, etc.
- Compliance and risk control
BingX holds legal operating qualifications in multiple major international jurisdictions and undergoes external audits on a regular basis to ensure platform operations comply with international regulatory standards. The platform strictly complies with global AML regulatory requirements, integrates industry-leading AML monitoring systems, and rejects all funds derived from illegal gains.
- 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.
- Account security tools
BingX provides multiple proactive defense tools so users can manage their own account security:
- Two-factor authentication and enhanced MFA protection: Users must enter a time-sensitive verification code generated on their mobile device to complete login and fund transfer actions. Beyond password authentication, BingX supports Google Authenticator, email, and SMS-based verification. An additional fund password and facial recognition can also be enabled to enhance security across account access and asset operations.
- Facial recognition: BingX uses facial recognition to verify identity for high-risk operations such as withdrawals and changes to verification options. This ensures the operation was initiated by the account owner and effectively reduces the risk of asset loss after account theft.
- Anti-phishing code: By setting an anti-phishing code, important messages from the platform will include the code to help users verify they are official.
- Withdrawal whitelist: Users may only withdraw to addresses on their configured address list. Withdrawal requests to any other addresses will be rejected.
- One-click account lock: When users detect unusual account activity, such as login from an unknown device, a suspicious withdrawal request, or changes to verification options, they can lock their account with one click to prevent further damage.
- Account activity monitoring and security review
BingX provides complete login records and logs of changes to security verification options. Account security and fund-related notifications are sent to the user's linked email address or mobile phone number, ensuring timely alerts on any unusual or sensitive account activity. In addition, the platform's risk detection system monitors user activity in real time and flags potentially risky behavior for manual review, helping to safeguard account security.
- User security education
BingX provides a dedicated security section in its Help Center to help users strengthen their security awareness. It also publishes timely official alerts on emerging scam tactics, such as impersonated customer service and fraudulent airdrop schemes.
BingX understands that trust is the foundation of everything in the cryptocurrency industry. We protect user assets through continuous investment in technology. In addition, we reinforce our commitment to security through verifiable public measures, including the Shield Fund, Proof of Reserves (PoR), and compliant operations. These initiatives ensure that security is not just a statement, but a set of practices that can be independently verified and experienced in action.
Security is not just a promise but a responsibility. BingX will continue to safeguard user assets to the highest standards and uphold the trust placed in us through continuous action and commitment.