Recently, the digital asset industry has experienced a series of security incidents, with multiple attacks and funds being stolen once again bringing platform security to the center of market attention. As attack methods continue to evolve, risks are no longer confined to a single wallet or technical vulnerability but may involve multiple links such as account permissions, private key management, asset transfers, and third-party infrastructure.
For users, a more realistic question than “Is the platform secure?” is: When anomalies truly occur, can the platform detect and block risks earlier? Are there sufficient authorizations and checks for key operations? When assets extend further into US stocks, RWA, and other categories, can the security and risk control systems keep up with the new business boundaries?
In this context, the global digital financial services platform BIT (formerly Matrixport) officially released the BIT Trust White Paper V2.0, systematically presenting BIT's current risk governance, security architecture, compliance supervision, and independent verification mechanisms around security, compliance, transparency, and verifiability, further covering regulation, governance, and transparency arrangements in different business scenarios such as US stocks, RWA, and asset management.
As the assets and businesses carried by a platform grow, how can security and trust expand in sync?
What can a platform do before risks truly occur?
No platform can eliminate all risks with a single word “safe.” What users should pay more attention to is whether there are defensive measures before risks arise, and whether there is a mechanism to timely identify and limit risks when anomalies occur.
BIT emphasizes in the white paper that risk management is not just about post-event handling but should encompass pre-trade assessment, in-trade monitoring, and post-trade processing. In specific business scenarios such as margin trading and collateralization, this mechanism further applies to due diligence, risk parameter setting, real-time monitoring, risk alerts, and default and clearing processes.
These mechanisms ultimately focus on account and asset security, which users can more easily perceive. For example, BIT conducts 24-hour dynamic monitoring of high-risk behaviors such as abnormal logins, unusual devices, and abnormal withdrawals, triggering alerts, delays, or manual reviews based on risk levels. The security system should not only be about “discovering what has happened,” but rather about identifying risks as early as possible during the occurrence of anomalies and intervening in a timely manner.
In terms of digital asset protection, most assets are stored in cold wallets; private keys are stored in FIPS 140-3 Level 3 certified hardware security modules (HSM) and cannot be accessed or exported in plaintext.
However, a more critical question than technical tools is: When business advancement conflicts with security requirements, who has the authority to say “no”?
The white paper discloses that if there is a significant security risk with product plans, system architecture, or changes in the launch, or if they do not meet security baselines and compliance requirements, the BIT security team has a “veto power”; for key operations such as asset transfers, permission changes, and transaction instructions, the “four-eye principle” is applied, requiring participation from at least two authorized personnel.
The logic behind this mechanism is not to promise that risks “will not occur,” but to ensure safety as much as possible before risks arise—identifying anomalies earlier, establishing constraints sooner, and minimizing the impact of single-point failures.
From digital assets to US stocks, how can security keep up with new business boundaries?
As businesses extend from digital assets to US stocks, RWA, and asset management, the meaning of “security” also changes. Users are no longer just concerned about whether their accounts are secure and how digital assets are stored but also about who operates the business, what kind of regulation it is under, and the processes assets go through.
Taking the US stock business as an example, BIT further discloses regulatory, account, clearing, and asset custody arrangements related to the business in the new version of the white paper. BIT's securities business is operated by Matrix Gelephu Pte Ltd and is supervised by the Gelerup Financial Services Office (GFSO); the relevant business is supported by applicable regulatory and licensing arrangements, customer asset protection mechanisms, and participation from licensed third-party financial institutions.
What users see is a “purchase,” but what connects it are multiple links including operations, regulation, trade execution, clearing, and asset custody. For financial platforms, the broader the business boundary, the more necessary it is to ensure that the corresponding risk governance and compliance mechanisms extend in sync, and not just increase new product entries.
The same logic extends to BIT's other operations. The new white paper further supplements regulatory and governance information for Matrixport Asset Management (MAM) and presents BIT group’s compliance layout in various jurisdictions including Hong Kong, Bhutan, Singapore, Switzerland, the UK, the US, and the British Virgin Islands.
From digital assets to traditional financial assets, what BIT presents is not a single-point security mechanism aimed at a specific product, but a risk governance and trust framework that extends as the business boundaries expand.
Beyond security, why does trust need to be "verifiable"?
Risk control addresses how risks are identified and managed, but for a financial platform covering various assets and businesses, simply telling users “we have risk control” is still insufficient. If security, compliance, and asset arrangements can only be interpreted by the platform itself, trust ultimately remains at the level of “believing what the platform says.”
Therefore, BIT views the foundations of compliance and regulation, independent auditing and verification mechanisms, and transparency in technology and operations as the three pillars of an overall trust system, allowing “trust” to be further broken down into more specific questions: Who regulates the platform? How are assets protected? How is risk controlled? Can these mechanisms be independently verified?
In terms of auditing and verification, BIT forms a multi-level, complementary verification system through mechanisms such as ISO management system audits, SOC independent verifications, annual financial audits, and internal audits, based on the applicable scope of different entities and business lines, avoiding excessive reliance on a single audit or verification mechanism.
Transparency solves whether information can be seen, while verifiability further answers whether this information can be independently verified.
When the industry once again places "security" before all platforms, what is truly important may not be repeating “we are safe,” but whether users can see the mechanisms behind that statement.
Trust does not come from a singular promise or audit, but rather from the long-term, continuous operation of systems and external verification. Security requires ongoing operation; trust requires continuous verification.
Full link to the BIT Trust White Paper V2.0: https://www.bit.com/whitepaper
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