FAQs > Security
Who performs audits for Celsius?
As of now, we are finalizing an agreement with a reputable external auditor. We plan to share the information on our website in the future
Can I remove or change my residential address in the app?
You can update your address at any time. We will simply ask you to send us confirmation of your new residential address, and we will update your address for you.
How do I know Alex isn’t going to run off with our crypto?
All BitGo accounts are “multi-sig,” meaning no single person within the company can make withdrawals going out of the system without the multiple parties approval.
How long does KYC take to process?
KYC usually takes up to 24 hours. In most cases, the process happens within a few hours. Please make sure image quality is good before you send it!
What can I use for KYC?
Using a passport is generally the best bet, but our KYC provider accepts most government-issued IDs such as licenses and national ID cards.
What is KYC?
KYC is short for Know-Your-Customer. It is standard practice for any company offering financial services. It is an important part of protecting our community against money laundering and any bad players entering our ecosystem.
Do you have insurance?
Celsius Network currently does not have an insurance policy, as there are very limited options in the industry right now. We are always exploring options and will continue to make choices in the best interest of the community.
How is your app secure?
Our app is just an interface and does not actually hold any of your digital assets. The wallet you use is a BitGo wallet. We have many additional security features including:
– Password protection
– Entering a PIN for any withdrawal
– Inability to change wallet address without verifying your identity with the Celsius team
– Inability to withdraw more than $20,000 worth of assets without verifying your identity with the Celsius team
– 2 Factor Authentication
Wait… you’re lending out my coins?! How are they secured?
We lend out responsibly from our community’s pool of assets. This means that your coins are never “locked up” and you can withdraw at any time.
This being said, we get it, this sounds crazy. Keeping assets locked in one place may be safest, but it’s not the smartest. Celsius is allowing the 99% to access the tools to earn a passive income previously held for the 1%. By lending out from our community’s pool, we are operating the same way any old-school financial institution would (plus most crypto exchanges and hot wallets). The difference is that instead of keeping the profits for ourselves and our shareholders, we distribute it amongst the community.
How can I know my money is secure?
We currently use BitGo as our custodian. They are the best in the business, being used by many of the top exchanges and companies. Whenever coins are being lent out from our pool of assets, they are over-collateralized. This means that anytime an institution borrows coins from us, they provide up to 120% of the value in another form of collateral.
Who is your custodian?
We are using BitGo as our custodian.