Recently, a series of security incidents in the digital asset industry, including multiple attacks and fund thefts, have once again pushed 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 practical question than "Is the platform secure?" is: when an anomaly actually occurs, can the platform detect and block the risk earlier? Do key operations have sufficient authorization and checks-and-balances mechanisms? As assets further extend into different categories such as U.S. equities and RWA, can the security and risk control systems keep pace with new business boundaries?
Against this backdrop, global digital financial services platform BIT (formerly Matrixport) has officially released the "BIT Trust White Paper" V2.0, systematically presenting BIT's current risk governance, security architecture, compliance regulation, and independent verification mechanisms around security, compliance, transparency, and verifiability, while further covering regulatory, governance, and transparency arrangements across different business scenarios including U.S. equities, RWA, and asset management.
When a platform carries more and more assets and businesses, how can security and trust scale in tandem?
Before risk actually materializes, what can a platform do?
No platform can eliminate all risks with a single word: "secure." For users, what is more worth paying attention to is: is there a line of defense before risk emerges, and is there a mechanism to promptly identify and limit risk when an anomaly occurs?
In its white paper, BIT emphasizes that risk management is not merely post-event disposal, but should run through pre-trade assessment, in-trade monitoring, and post-trade handling. In specific business scenarios such as margin financing and collateral, this mechanism is further implemented in links including due diligence, risk parameter setting, real-time monitoring, risk alerts, and default and liquidation.
These mechanisms ultimately land on account and asset security that users can more easily perceive. For example, BIT conducts 24-hour dynamic monitoring of high-risk behaviors such as abnormal logins, abnormal devices, and abnormal withdrawals, and triggers alerts, delayed processing, or manual review based on risk levels. What the security system should do is not just "discover what happened after the fact," but identify risk and intervene in a timely manner during the occurrence of anomalies as much as possible.
At the level of digital asset protection, most assets are stored in cold wallets; private keys are stored in hardware security modules (HSMs) at the FIPS 140-3 Level 3 grade and cannot be accessed or exported in plaintext.
But the more critical question than technical tools is: when business advancement conflicts with security requirements, who has the authority to say "no"?
The whitepaper discloses that if there are major security risks in product plans, system architecture, or launch changes, or if they do not comply with security baselines and regulatory requirements, the BIT security team has the "one-vote veto power"; for key operations such as asset transfers, permission changes, and trading instructions, the "four-eyes principle" is implemented, requiring at least two authorized personnel to participate jointly.
The logic behind this mechanism is not to promise that risks "will not occur," but to do security before risks as much as possible—identifying anomalies earlier, establishing constraints earlier, and minimizing the impact of single-point failures.
From digital assets to US stocks, how can security keep up with new business boundaries?
As business extends from digital assets to US stocks, RWA, and asset management, the meaning of "security" also changes. Users are no longer only concerned about whether accounts are secure and how digital assets are stored, but also about who operates the business, what regulations it is subject to, and which processes the assets go through.
Taking the US stock business as an example, BIT further disclosed in the new version of the whitepaper the regulatory, account, clearing, and asset custody arrangements for the related business. BIT's securities business is operated by Matrix Gelephu Pte Ltd and regulated by the Gelephu Financial Services Office (GFSO); the related business participates through applicable regulatory and licensing arrangements, customer asset protection mechanisms, and licensed third-party financial institutions, providing corresponding compliance and infrastructure support for business operations.
What users see is a "buy," but behind it are multiple links including operations, regulation, trade execution, clearing, and asset custody. For financial platforms, the broader the business boundaries, the more necessary it is for corresponding risk governance and compliance mechanisms to extend in tandem, rather than merely adding new product entry points.
The same logic extends to BIT's other businesses. The new version of the whitepaper further supplements the regulatory and governance information of Matrixport Asset Management (MAM) and presents the compliance layout of institutions under the BIT Group across multiple jurisdictions, including Hong Kong, Bhutan, Singapore, Switzerland, the United Kingdom, the United States, and the British Virgin Islands.
From digital assets to traditional financial assets, what BIT presents is not a single-point security mechanism for a particular product, but a risk governance and trust framework that extends as business boundaries expand.
Beyond security, why does trust also need to be "verifiable"?
Risk control addresses how risks are identified and controlled, but for a financial platform covering multiple asset classes and businesses, simply telling users "we have risk control" is still not enough. If security, compliance, and asset arrangements can only be explained by the platform itself, trust ultimately remains at the level of "believing what the platform says."
Therefore, BIT treats compliance and regulatory foundations, independent audits and attestation mechanisms, and technical and operational transparency as the three pillars of its overall trust system, allowing "trust" to be further broken down into more specific questions: Who regulates the platform? How are assets protected? How are risks controlled? Can these mechanisms be independently verified?
At the audit and attestation level, BIT forms a multi-layered, complementary verification system through ISO management system audits, SOC independent attestation, annual financial audits, and internal audits, tailored to the applicable scope of different entities and business lines, avoiding over-reliance on any single audit or attestation mechanism.
Transparency addresses whether information can be seen, while verifiability further answers whether that information can be independently checked.
As the industry once again puts "security" in front of all platforms, what truly matters may not be repeating the phrase "we are secure," but whether users can see the mechanisms behind that statement.
Trust does not come from a single promise or a single audit, but rather from long-term, continuous institutional operation and external verification. Security needs to operate continuously, and trust needs to be continuously verified.
Full version of the BIT Trust Whitepaper V2.0
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