A whitelist address in a cryptocurrency exchange is a security feature designed to protect users' funds from unauthorized access. It involves a list of pre-approved wallet addresses that are permitted to send or receive cryptocurrency on the exchange.
Once a wallet address is added to a whitelist, it becomes the only one authorized for withdrawals or deposits, ensuring that no other address can interact with the account unless explicitly authorized by the user. This feature is especially useful in preventing theft, fraud, and unauthorized transactions.
Let’s say a user on a Koinpark has a wallet they use to store their Bitcoin. To prevent their Bitcoin from being withdrawn to an unauthorized address, they add their own wallet address to the exchange’s withdrawal whitelist. This means that if anyone attempts to withdraw Bitcoin from the account to a wallet that is not on the whitelist, the transaction will be blocked. Even if an attacker gains access to the account, they cannot withdraw funds to an address not pre-approved by the user.
For instance, if the user sets their personal wallet address as the only whitelisted withdrawal address, no withdrawal can be processed to any other address, even if an attacker tries to make changes. Koinpark will only approve the withdrawal if the destination address matches the one on the whitelist, offering an additional layer of security.
Follow this quick tutorial to add a whitelist address for withdrawals on Koinpark.
1. First, go to your profile, and then click on "Address Management."
2. Next, click on "Add Address," and proceed to fill in the address label field.
3. After that, select the currency you wish to withdraw, and choose the network for the withdrawing currency.
4. Then, scan the QR code of the wallet address to which you plan to send crypto, and answer the following questions:
a. Whom are you sending funds? (Yourself or someone else)
b. If sending to yourself, select where you are sending funds: Private Wallet or VDA Provider.
c. If sending to someone else, provide the following details:
i. Receiver type, and include receiver info (such as name, country, and government ID details).
ii. Select where you are sending funds: Private Wallet or VDA Provider, and provide any additional info if required.
5. Click the submit button
6. Finally, after completing these steps, you will receive a pop-up notification that says, "Your address has been submitted successfully."
▶️ Watch the YouTube tutorial to learn how to add a whitelist withdrawal address!
Similarly, a whitelist can also be used for deposits. Koinpark allow users to set specific deposit addresses to prevent accidental deposits from unknown or unauthorized sources. When a user sets up a deposit address whitelist, only the designated addresses can send funds to their account. This can be particularly useful for preventing the mix-up of funds or ensuring that a user’s account receives deposits from specific sources, such as their personal wallets or exchange accounts.
For example, if a user wishes to deposit Ethereum into their exchange account, they can whitelist a specific address, such as their own wallet’s Ethereum address. Any Ethereum sent from another address, even if it is the user’s own funds, will not be accepted unless it comes from the whitelisted address.
Here’s a guide on how to add a whitelist address for deposits on Koinpark.
1. First, go to the Wallet page.
2. Next, click on the Spot option.
3. Then, select the cryptocurrency you deposited.
4. Check the crypto deposit history, and click on the "Info Required" option.
5. In the next step, fill in the address label field.
6. Review the autofilled fields, including "Currency," "Network," and "Address."
7. Next, indicate from whom you received the funds (e.g., from yourself or another individual).
8. If you received funds from another individual, provide the following details:
i. Originator type
ii. Information, such as their name, country, and PAN details.
9. Once that’s done, answer the question about where you received the funds, and provide any additional notes in the specified field.
10. Then, click Submit.
11. After that, a pop-up notification will appear with the message: "Address successfully submitted. Approval in progress."
12. Lastly, your deposit history will be marked as "In Progress" until the team reviews it.
Watch the whitelist withdrawal address adding tutorial on Youtube.
▶️ Check out our YouTube guide on adding a whitelist deposit address with ease!
By implementing a whitelist address for both deposits and withdrawals, Koinpark enhances user security and helps mitigate the risks of fraud or hacking.
