OKX exchange has introduced robust API key security protection capabilities to its platforms, greatly strengthening user safety from external threats. The features include API keys Auto Expiry, Third-Party Whitelist, Risk Engine, and Fast API connection. With the API keys now being shielded by several levels of protection, OKX expects that traders will feel more confident using the exchange. In light of the recent worldwide increase in attacks on cryptocurrency systems, this is of the utmost importance.
The new features and what they bring
There are presently more than 20 million users using the exchange across the globe, making any security compromise catastrophic. The exchange has rapidly grown to become among the most trusted crypto trading platforms among serious investors and dealers. Also, OKX’s newest feature, the OKX Wallet, is a standalone app for storing and exchanging NFTs and metaverse tokens like GameFi and DeFi.
Record losses of over $4 billion were incurred due to crypto crime in 2022, and this number could climb in 2023 if preventative measures are not implemented, according to research by DappRadar. One such solution is API security.
The trading platform has included four new API capabilities. The first is called Fast API (Fast Connect), and it allows customers to quickly enable brokers to access, produce, and bind API keys automatically with just a single click, all while adding an extra layer of protection to the API key binding process. Second, it has implemented an automatic 14-day expiration for unused API credentials. This allows trading and withdrawals without tying the APIs to a specific IP address.
The third component is a whitelist that verifies transactions coming from the whitelisted platform and allows users to connect their IP addresses to cooperative third-party services. Finally, OKX has activated a risk engine, which means it can now put a stop to losses by monitoring and flagging questionable transactions.