What and Why of Safelisting?
Safelisting is defined as the list of approved/allowed participants in the address book who are deemed to be trustworthy.
At Vauld, safelisting relates to withdrawal addresses and bank accounts. It refers to a list of cryptocurrency addresses and bank accounts that you define as trustworthy. Once enabled, you would only be able to withdraw assets from your Vauld account to the addresses that were previously safelisted.
Safelisting provides an extra layer of security in the case a third party has accessed your account. The party is restricted from withdrawing assets to an undesired wallet address or account.
How do I Safelist a crypto withdrawal address?
The process is simple to follow and requires only a few minutes to enable
Login to your Vauld Dashboard and click on the arrow as shown below.
2. Once you click on the arrow shown, the below page opens. Click on Settings.
3. Click on accounts.
4. Enable the toggle switch safelisting and enter the 4 digit code sent to your email. Do take note that once enabled you cannot withdraw any assets - Crypto or Fiat - for 24 hours since you would need to safelist addresses and accounts.
6. Add the address you wish to safelist under crypto and then click on Add address. Please note that there will be a cool off period of 24 hours during which this address cannot be used for withdrawals.
7. Once you add the address, the address shall be safelisted.
Do take into consideration that there will be a 24 hour cool off period for withdrawals for the particular address which has just been safelisted.
Also, once safelisting is disabled, there will again be a 24 hour cool off period for all withdrawals.