Whitelisting of addresses

In most cases, when you are sending cryptocurrency to an external wallet, you want to make sure that you are sending the funds to the right crypto address. This is not only error-prone but there may be regulatory requirements to send funds to addresses only if they have been previously vetted by your operational team.

To help with that, we have developed the option to whitelist a crypto address in the Finrax dashboard and to provide business context around each whitelisted address. In order to whitelist a crypto address, you need to go to the "Whitelisted Addresses" menu, click on "Add Address" and follow the steps below:

  1. Choose a label for the new crypto address - This is an optional field but it is useful for grouping multiple whitelisted addresses in some way. For example, if you want to group addresses that belong to users in the EU we can enter "Users in EU" as a label, or if you want to be able to find all addresses belonging to the same user we can set the user id as a label (e.g. "User 1713").

  2. Choose an address id for the new crypto address - This should be something unique that helps identify the whitelisted address (e.g. "BTC address of User 1713").

  3. Choose the address currency - This is the cryptocurrency that the whitelisted address format should conform to. To avoid errors, we will validate the address against the selected cryptocurrency formats and notify you if there's a mismatch.

  4. Network

    - Pick the network for the address. We offer networks other than the Main one for USDT, USDC and ETH, so for addresses for those cryptocurrencies you can also set the right corresponding network.

  5. Address - Here you need to enter the cryptocurrency address of the beneficiary.

That's it! You can now select the whitelisted address when creating a crypto withdrawal.

Additionally to creating, under the "Whitelisted Addresses" menu you can also view, filter and delete previously created whitelisted addresses.

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