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Echo Security

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Echo Security

Know your customer & AML

KYC & AML is the verification process of a customer’s identity, addresses, financial activities, and any risks they may impose. KYC is performed when a new member’s account is linked to a cryptocurrency wallet on the Echo Marketplace.

KYC exists to prevent fraud and the mismanagement of funds. KYC compliance will prevent criminal activities such as money laundering and terrorist financing on Echo Marketplace. It is clear that with the additional tokenised asset classes available through the Echo Brokerage that KYC will be a legal requirement for our business model. Due to the necessity of KYC, we are also choosing to use a CEX instead of a DEX. The DeFi protocol will be usable without KYC.

Users are rightfully concerned whether KYC will conflict with the decentralization of crypto services and we share in your concern regarding the original vision for cryptocurrency. It is important to understand that with the wider adoption of cryptocurrencies, one thing is for sure: exchanges, in particular, need to welcome crypto compliance and regulatory guidelines if we are to make the move towards true mass-market adoption.

Blockchain made Secure

Multi-Factor Authentication

Echo will use third-party authenticators to secure centralised accounts from the client's side. Options will be available for two-factor or three-factor authentication as part of our KYC compliance. We would deeply encourage all cryptocurrency users to set up multi-factor authentication and use a hardware device (such as Ledger) for hot wallets regardless of the platform.

Multi-signature Wallet

Echo will be placing Seed and Private Investment funds in a multi-signature, high-security Gnosis safe wallet while Echo is in development. This allows you to see a top-level view of our expenditure on the blockchain and keeps us accountable to Echo Token investors.

Insurance & Storage

Currency stored by us custodially in Echo Marketplace will be backed up and insured. In the short-term we are in negotiations with leading crypto-friendly licensed banks for this service with an aim to bring them in house as soon as possible. We want to put our clients at ease knowing that their funds are secured in line with full banking standards.

DoS / DDoS

Protection will be put in place for Denial of Service attacks. This is where an overwhelming number of requests are sent to a website, with the aim of crashing a server. It is worth noting that this would only affect our centralised servers and the protocol will be unaffected.