Bitbuy Infrastructure is secured across several world class cloud providers, multiple off-site disaster recovery locations, and redundant geo-located instances to ensure priority uptime. All providers are ISO, SOC, and FIPS 140-2 compliant.
Implementing two-factor authentication (also known as 2FA) across the entire Bitbuy network, for both users and employees, helps to ensure that no unauthorized action can be taken. 2FA is the gold standard, and works by using two forms of authentication, a password and a smartphone, for a single action such as an account login or executing a trade.
Bitbuy proprietary wallet architecture was developed by our in-house team of experienced engineers. Bitbuy implements full node architecture to support different types of cryptocurrencies and tokens and does not rely on third parties for custodial services. Our hot, warm, and cold wallets are segregated away from our core network, and has been designed to protect Bitbuy and its customers. Bitbuy has introduced Proof-of-Solvency to provide a transparent accounting of exchange traded assets.
For all aspects of our business model, Bitbuy routinely conducts audits across all departments using trusted third parties. Bitbuy conducts quarterly financial audits, monthly security audits, as well as performing daily and weekly suspicious activity review, and transaction reporting audits as required by the PCMLTFA.
Our proprietary exchange platform provides us with the unique position of having a privately maintained codebase to power Bitbuy Pro’s low latency order matching architecture. By keeping core components closed source, we protect our intellectual property from prying eyes.
Bitbuy is a regulated Money Service Business (MSB) in Canada under Proceeds of Crime (Money Laundering) and Terrorist Financing Act governed by Financial Transactions and Report Analysis Centre of Canada (FINTRAC). Bitbuy has proactively participated in the regulatory discussions, and has responded and provided insight and guidance to Canada’s Department of Finance, to proposed legislative changes surrounding digital currencies.