What changes have been made to withdrawal addresses?
With our October 2022 release of the Bullish exchange, we changed the way that withdrawal addresses are registered with Bullish. All withdrawal addresses will now be configured at the network level, (rather than at the asset level), and will require additional approval steps at the point of registration of the address with Bullish.
These changes will impact any new addresses that you register and pre-existing withdrawal addresses. Should you attempt to make a withdrawal via the Bullish UI without first approving the withdrawal address, you will be prompted to approve the address as part of the withdrawal process
Network level withdrawal addresses
Withdrawal addresses are now registered at the network level rather than the asset level. Networks facilitate asset transfers, fund transfers, transaction verifications, and other related actions.
An example of a blockchain network would be Ethereum which would be used for any ERC20 asset withdrawals. SWIFT is an example of a fiat network. Following this change, an address registered to the Ethereum network, for example, may be used to withdraw funds of any supported token type on the Ethereum Network.
Whitelisting withdrawal addresses
We have elevated the approval of withdrawal addresses to the privileged level of a withdrawal. The registration of a withdrawal address will now require cryptographic “proof.” This only has to be done once and ensures that only the customer with the appropriate hardware key and PIN may register withdrawal addresses with Bullish.
Why have we made these changes?
The process of requiring customers to provide cryptographic proof when registering withdrawal addresses provides an extra layer of security to the withdrawal process. This process is part of a broader endeavor to increase the security of the Bullish withdrawal process while at the same time enabling faster withdrawals for our customers.
Registering addresses at the network level will give customers the flexibility to not have to register multiple addresses to withdraw different assets on the same network.
What is the impact on withdrawal addresses?
Impact on registration process for new withdrawal addresses
- New addresses will be registered at the network level as opposed to the asset level previously. For example, to register a withdrawal address for an ERC-20 asset such as USDC or LINK, the Ethereum network would be selected.
- The registration of new addresses now has the same privileged level as withdrawals; customers will have to approve the addition of a new withdrawal address using their hardware key and PIN.
Impact on existing withdrawal addresses
All existing addresses will require an approval per address using the customer’s hardware key and PIN. This only has to be done once per address.
- Addresses that have been previously created for specific assets on the Ethereum network such as LINK and USDC, will be archived and not displayed. These addresses will need to be entered again by the customer as an Ethereum network address. The customer’s hardware key and PIN will be required to approve the address.
- Addresses previously registered at the network level (BTC, EOS, ETH, LTC) will require approval using the customer’s hardware key and PIN before a withdrawal may be made. This can happen at the point of withdrawal or proactively by going to: Account Settings > Bank Accounts and Account Settings > Crypto Accounts respectively. This only has to be done once.