Banking infrastructure - Solid and established
- Coinfloor holds client fiat (i.e. GBP, EUR, PLN and USD) in client money accounts in numerous banks within Europe. As banking relationships are a high priority for any cryptocurrency company, we maintain accounts with several banks in Europe to avoid any downtime to Coinfloor’s services. In all cases, the banks are fully aware of the nature of our business.
- We are actively seeking to add further payment options through ongoing research and development, partnering with innovative payment providers and lobbying government and banking institutions.
Bitcoin security - We are serious about security
- Coinfloor operates with a 100% cold storage policy. All our client bitcoins are received, stored and sent out from within multiple underground vaults which maintain the same security standards as the Bank of England.
- Coinfloor is the first bitcoin exchange to hold all client bitcoins in Multi-Signature Pay 2 Script Hash (P2SH) cold storage.
- Our system has been built such that no single person, server, vault location or device failure could compromise the integrity of client bitcoins.
- No client bitcoins are ever stored on a server, ensuring that in the unlikely event that an attacker gains complete access to any of our online servers, our client bitcoins would not be compromised.
- For Coinfloor Exhange UK, Coinfloor provides company-owned bitcoins to fund the Advance Withdrawals service, allowing users to withdraw small amounts of bitcoin without waiting for a cold storage withdrawal.
- As a result of our 100% multi-signature cold storage policy, bitcoin withdrawals that do not qualify for our Advance Withdrawal service, are sent up to 3 times a day during business hours. We believe that this slower withdrawal speed is worth the peace of mind that comes from knowing no client funds are ever accessible in a hot or warm wallet.
- All users are required to set up either Authy or YubiKey two-factor authentication meaning that if someone were to find out a user’s username and password they would still not be able to log into their account without the user’s Authy one-time password token or YubiKey.
How we keep you safe
- Coinfloor as a group maintains communication with relevant regulatory and legislative bodies.
- It is our responsibility to safeguard our services from being used for money laundering and the facilitation of terrorist financing. It is for this reason that we require all of our customers to go through an application and verification process to become a Coinfloor client before they are formally engaged with Coinfloor. Other safeguards including ongoing monitoring and flagging of suspicious activities are also put in place in order to protect Coinfloor and our clients.
- Data Protection: Coinfloor is registered with the Information Commissioner’s Office under the Data Protection Act and we are required by law to store your information to the highest of standards. Your financial information is safe with us. Our registration number is ZA002203.
- All the information supplied by you is transmitted via Transport Layer Security (TLS) protocol. Once we have received your information, we use strict procedures and security processes to prevent any unauthorised access. Your data can only be accessed by authorized Coinfloor staff who are required to keep the information confidential and have passed a criminal background check as part of the joining process.
- Two-Factor Authentication: We believe that Two-Factor Authentication (2FA) should be a required standard for any financial services company. Passwords alone are insecure and in order to follow the “something you have” and “something you know” standard of security, we require the use of 2FA for all users, all of the time.
If you think you are a victim of fraud
Please contact Coinfloor In the first instance, our Support team can provide you with assistance at - [email protected]
You can also make a report to Action Fraud on 0300 123 2040. Who will take details from you and provide you with a crime reference number.