Fun

Buda Exchange Starts Requesting Selfie Verification for Withdrawals to New Bitcoin Addresses

News Feed - 2021-08-02 04:08:58

Buda Exchange Starts Requesting Selfie Verification for Withdrawals to New Bitcoin Addresses


Buda, a Chile-based cryptocurrency exchange, has started requesting selfie verification every time a user needs to withdraw funds to a new bitcoin address. This new measure now introduces a new layer of security for users to avoid getting their accounts hacked, but it will only be mandatory for those that don’t have 2FA activated. Buda Exchange to Request Selfie to Make Withdrawals to New Addresses


Buda, a Chile-based exchange formerly known as Surbtc, will now implement new security measures to protect its users from hacking attempts. The platform will now require the user to send a selfie verification every time a withdrawal to a new bitcoin address is requested. However, this will only affect users that have not activated their two-factor authentication (2FA) measures.


The measure was announced in a mail delivered to the customers of the exchange on June 22, when it asked users to enable their 2FA option in order to be excluded from having to comply with this new measure every time a withdrawal is directed to a new crypto address. According to the email, the decision to do this was motivated by a series of phishing email scam campaigns targeting the company. The email explained: These last weeks we have detected several pages that are posing as Buda.com. It is similar to that fake SMS that comes to you to obtain credit from the bank. This is called phishing.


Until now, there have been no reports of losses linked to these phishing attacks. Banks Are Now Allies


While the exchange has had run-ins with banks in the past in Colombia and Chile, where these institutions denied servicing it and even ran a banking embargo against it in June 2018, today the story is different. The exchange is now part of the Colombian sandbox that enables and pairs cryptocurrency exchanges and banks to test their joint operations.


As part of this new framework, Buda has now partnered with Bogota’s Bank, offering its customers the possibility of making direct deposits and withdrawals to and from the exchange respectively. While these operations were already supported by Colombian banks, this new alliance recognizes these ones as official transactions to exchanges, liberating the users from any block or other measures that the banking operator could take. This has happened with Binance and several banks in the U.K.


What do you think about Buda’s new selfie verification for deposits to new Bitcoin addresses? Tell us in the comment section below. Crypto Exchange Binance Plans to Be Regulated Financial Institution, Seeks CEO With Strong Compliance Background EXCHANGES | 4 days ago FTX Slashes Leverage Limit from 100x to 20x — Community Suspects Competitors Will Follow Example EXCHANGES | Jul 26, 2021 Tags in this story 2FA, Bitcoin, bitcoin withdrawal, Buda, buda.com, crypto address, Cryptocurrency, new address, selfie, taking a selfie, Withdrawals


Image Credits: Shutterstock, Pixabay, Wiki Commons Show comments

News Feed

IRS, Janet Yellen Press Lawmakers to Push ‘Tax Compliance Agenda’ — Banks to Report Deposits, Withdrawals of $600
IRS, Janet Yellen Press Lawmakers to Push "Tax Compliance Agenda" — Banks to Report Deposits, Withdrawals of $600 On Wednesday, U.S. Internal Revenue Service (IRS) commissioner C
Ethereum to launch first $2M protocol-wide ‘Attackathon’
Jesse Coghlan6 hours agoEthereum to launch first $2M protocol-wide ‘Attackathon’Ethereum’s security team is planning a four-week hackathon to test the blockchain’s security and wants to do one for every future ha
Better than DeFi: SINOVATE’s New Infinity Nodes Provide Up to 130% Returns
Better than DeFi: SINOVATE’s New Infinity Nodes Provide Up to 130% Returns SINOVATE’s Incorruptible Data Storage (IDS) dCloud network is providing game-c
Amaka Nwaokocha1 hour agoNigerian social payments app shuts down crypto exchange servicesThe company cited that it will cease operations of its exchange services as part of the shareholders" decision to restructure the b
Italy and Albania Bust €15 Million Crypto Investment Scam
Italy and Albania Bust €15 Million Crypto Investment Scam Authorities in Italy and Albania have hit a fraud scheme enticing victims with promises of low-risk investments in crypt
Turner Wright2 hours agoSEC announces $24M settlement for case against Bittrex and its former CEOThe U.S. regulator filed a complaint in April claiming Bittrex and William Shihara operated an unregistered exchange, also
Data Shows Bitcoin’s Hashrate Has Grown by More Than 4 Quadrillion Percent Since 2009
Data Shows Bitcoin"s Hashrate Has Grown by More Than 4 Quadrillion Percent Since 2009 Following the network difficulty change six days ago on September 27, Bitcoin’s hashrat
Bitcoin’s Hashrate Jumps 15% Higher in 10 Days, Mining Difficulty Expected to Rise
Bitcoin"s Hashrate Jumps 15% Higher in 10 Days, Mining Difficulty Expected to Rise After bitcoin miners caught a break ten days ago when the difficulty dropped 1.49% lower, the net
Ana Paula Pereira8 hours agoBinance, Snapchat and capital among things SBF was ‘freaking out’ aboutFormer FTX CEO Sam Bankman-Fried was once “freaking out about” getting regulators to crack down on Binance and ra
Iranian Ministry of Industries Denies Power Shortages Are Caused by Illegal Crypto Miners
Iranian Ministry of Industries Denies Power Shortages Are Caused by Illegal Crypto Miners Iran’s Ministry of Industries, Mining and Trade has rejected claims blaming illegal
Bitfarms expands into Pennsylvania amid Riot’s growing stake
Josh O"Sullivan49 minutes agoBitfarms expands into Pennsylvania amid Riot’s growing stakeBitfarms announces U.S. expansion in Pennsylvania, while Riot Platforms increases its ownership stake in the company to 14%.167 T
Fintech Revolut integrates with MetaMask for in-app crypto purchases
Ana Paula Pereira5 hours agoFintech Revolut integrates with MetaMask for in-app crypto purchasesAfter reviewing some of its crypto services over the past months, London fintech firm Revolut announces direct purchases thr