Sat, 16 Oct 21

Mr Cryptopedia

All You Need to Know about Bitcoin

Safeguarding the stability of our withdrawals process

Our Customer Service team has responded to a number of questions recently on our withdrawal process, not least in light of temporary freezes on some other exchanges. Trading safely and securely on a platform performing exceptionally well is one thing, but users want to know that they can withdraw funds seamlessly too. Our process remains that the cutoff for withdrawals is at 1300 UTC daily, with withdrawals processed shortly afterwards. We thought it would be helpful to provide some background on our process and how we safeguard it.

First – and we cannot emphasise this enough – security is the number one priority at BitMEX. That’s why we were the first platform to adopt a manual, multi-signature cold wallet setup to protect customer funds. We still have this setup and have improved it over time. We employ a range of behind-the-scenes security measures which are reviewed continuously to ensure our protocols and standards stay world-class. After all, if you’re standing still on security, you’re falling behind.

We also have contingency plans in place to cover a range of business continuity scenarios to ensure that all functions of the platform remain fully operational and secure, including multi-signature approvals with pre-authorised delegates. The effectiveness of these policies can be measured by our track record – daily, on-time withdrawals and a sterling security record of zero bitcoin lost through intrusion or hacking are hallmarks of the BitMEX platform.

Our pledge to users is that every day, no matter what, this will continue to be our top priority.

Should you have any further questions, please contact Support.