FAMEEX crypto exchange announced that it will increase its protection fund and increase its efforts at asset transparency. This is part of FAMEEX’s major effort to rebuild trust in the crypto community after the recent market turmoil. The initiative comes alongside plans for proof of reserve and proof of assets in public, which is being prepared for release on the FAMEEX platform. FAMEEX provides low risk tools to help traders and never defines itself as a financial institution that engages in lending, borrowing or even moving users’ funds, and is not exposed to any other party or project related to recent exchanges or foundations.
The robustness of FAMEEX business model and finances ensures that all FAMEEX exchange services are running without any disruption to normal operation. Protecting users’ funds and the growth of exchange in a responsible way has been the FAMEEX guiding principle since 2020. The principles FAMEEX stands for, including prudent risk management, opposition to gambling, and uncompromising platform security, are non negotiable and FAMEEX’s track record speaks for itself. FAMEEX was built from the ground up to be a secure and safe exchange platform. Every new development and feature undergoes weeks of internal testing before being implemented in its product.
FAMEEX restates its asset management policy. And hopes that taking this initiative will help investors to regain trust in the market. Anyone can check the security implemented and outlined below:
100% Separation of Funds
Customer funds are completely separate from the operating capital. FAMEEX has never used customer deposits to form the basis for loan collateral or to pay the operating expenses of the business. The capital reserves of its business remain much larger than the total customer deposits. Besides, FAMEEX reserves the risk insurance fund separated and stored in the different cold wallets as a mechanism to avoid any crisis or market collapse.
Technology Secure Users’ funds and Transaction Offline
FAMEEX utilizes a multilayer ladder-encryption mechanism to ensure that storage of coins, on-chain transfers of coins and off-chain transfers of coins cannot be compromised by any technical means. FAMEEX stores funds in full node wallets and generates key pairs using an asymmetric one way hash function to ensure that on-chain transactions cannot be easily tracked. Hot and cold wallets are fully segregated, and their private keys are randomly split and encrypted behind multiple read permissions to achieve total privacy and security. Users’ assets are stored securely in separate cold wallets. When users withdraw their funds, FAMEEX transacts from the hot wallets to the users’ whitelisted withdrawal address.
No Collateralization, Lending and Financial Manipulation
As a reliable crypto exchange, FAMEEX always strives to build a healthy environment for investors to develop a better version of the crypto world. In line with this vision, FAMEEX has refused to engage in the practice of using customer deposits as collateral for financing. These liabilities are many times smaller than FAMEEX operating capital. Risk management is fundamental and FAMEEX adheres to its principles with a pure trading platform providing quant tools for traders which is not engaged in the business of lending, borrowing or financing any crypto assets.
FAMEEX believes that these measures will give users the insight and transparency to rebuild their trust through recent turbulent times. FAMEEX remains optimistic about the future of the cryptocurrency exchange industry and is dedicated to protecting users’ assets. The role of a crypto exchange is to protect users’ interests, especially during market crisis. FAMEEX continues to innovate the products and services valued clients need in order to achieve their financial goals in the safest and most efficient way and focus on letting traders trade to the best of their potential with FAMEEX quant tools.
Launched in 2020. FAMEEX is a global cryptocurrency exchange that currently provides fiat-crypto, crypto-crypto, grid trading, futures, options, margin, spot and a hugely popular referral and affiliate program. With more than 200,000 users across 50 countries and regions. FAMEEX provides a secure, stable and efficient 24/7 trading platform.
Currently, FAMEEX is undergoing rapid expansion of the user base and is a reliable crypto exchange broker which operates under a policy of transparency and fairness. Moreover, the trading platform offers a high level of sophistication, with plenty of engaging trade choices to help traders accomplish their goals.
In addition, FAMEEX keeps pushing the boundaries of the crypto exchange industry, exploring frontier growth opportunities and strengthening core competencies, expanding into adjacent product offerings and developing innovative business models that lead the way in bringing Web3 solutions into the crypto ecosystem including recruiting more Web3 developers and researchers to enrich the Web3 product that will support those visionary traders.
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