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AMA Session with Hacken

The CEO of our exchange, Vladimir Nosov, talked about all things crypto in the AMA session with Hacken. Let’s find out what he said!

Dyma: How are you today?

Vladimir: Doing great, nice to be here with you guys!

Dyma: Thank you for coming to Hacken Club. Today is our 6th fireside chat.

Vladimir: Thank you for the invitation.

Dyma: Please tell us about yourself. How old are you? What was your crypto beginning?

Vladimir: I am 32 years old, and I got into cryptocurrencies and blockchain back in 2016. I started by investing in some altcoins.

Dyma: What was your first one?

Vladimir: It was Ripple.

Dyma: What was its price at that time?

Vladimir: The price of Bitcoin was around $600 at that time, and Ripple was around $0.008 if I’m not mistaken.

Dyma: What drove you to launch the exchange?

Vladimir: I felt like the industry needs a solid, transparent exchange platform.

Dyma: Some people say margin trading is not always transparent. How to convince traders that margin trading on your platform is safe? For example, after a few cases I saw on Bitmex, I will never trade there.

Vladimir: If the pricing mechanism is proper and transparent — you have nothing to worry about.

Dyma: What is your opinion on DEXs? How decentralized are they? Do you plan to develop WhiteBIT in this direction?

Vladimir: Decentralization is a thing that we all strive for. But we have a long way to go until full decentralization. We have several DeFi projects in our pipeline, and DEX is one of them.

Dyma: How big is the WhiteBIT team today?

Vladimir: 80+

Dyma: Wow!

Vladimir: We are growing pretty fast.

Dyma: What are the main challenges the team faces today?

Vladimir: As for today, the biggest challenge is the launch of a derivative platform. However, our goal has become way closer after the introduction of the margin trading terminal. We’re planning to launch derivatives in the next two months.

Dyma: In my opinion complex derivatives are the next big thing.

Vladimir: That’s true!

Dyma: How to fight with scam and fraud in crypto, and what do you think about crypto regulation? Do we need governments here?

Vladimir: I think we need regulation, but the approaches should meet the current challenges and be in line with modern technologies. It’s possible to fight with scam and fraud, but I would like to point out that exit scams happen even in the industries that have been regulated for decades. Thus, regulation won’t eliminate scams.

Dyma: Last question from me before we jump to community questions. Do you have a procedure to delist tokens that have a shady reputation?

Vladimir: We are constantly monitoring all of the assets that are listed on WhiteBIT, and in case any red flags are raised (e.g. compliance/legal issues; scam reports; suspicious activity or inactivity of the projects’ team), we conduct a thorough investigation upon which the decision on potential delisting is made.

Questions From The Audience

Q: Many exchanges have been hacked, even though they have a high level of security. So, how safe are the funds of WhiteBIT users? What form of mechanism do you employ to prevent such attacks, and do you have any insurance to compensate users if such unexpectedly happens?

Vladimir: 95% of the user funds are stored on cold wallets. So even if someone manages to get through our security measures, they won’t be able to drain the users’ funds.

Q: Do you plan to add more leverages (other than 5x)?

Vladimir: Yep, we have higher leverage (10x; 25x) in our pipeline.

Q: Most crypto exchanges have a token of their own. Does WhiteBIT have its own token? If Yes, can you tell us about the token and its benefits? If No, why don’t you have, and is there any plan of having later in the future?

Vladimir: We have our own token in our pipeline as well. It’s going to be released very soon.

Q: Do you have a Global Ambassador Program or a Referral Rewards System?

Vladimir: Yes, we do have a referral program: https://whitebit.com/referral

Q: DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us? Do you think DeFi will destroy the existing financial system?

Vladimir: I believe that DeFi can bring mass-adoption if the job is handled by skilled professionals who won’t make trivial mistakes, because of which regular users lose their assets. By the way, as I’ve mentioned earlier, our team is finishing work on the Uniswap competitor platform.




WhiteBIT is a centralized European exchange. We guarantee security, reliability and lower fees for our users. Trade your way with us! https://whitebit.com/

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WhiteBIT is a crypto exchange platform. We guarantee security, reliability and lower fees for our users. Trade your way with us! https://whitebit.com/

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