OpenXSwitch - Configure Withdrawal Policy
OpenXSwitch allows for secure and controlled withdrawals through a whitelist address policy. This ensures that withdrawals can only be made to trusted and authorized addresses, providing an additional layer of security.
Ensure Secure Withdrawals: Only Whitelisted Addresses Can Receive Funds from prime wallet
1. Whitelist Address Policy for Withdrawals
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Overview:
The whitelist address policy restricts withdrawals from prime wallets to a predefined list of authorized addresses. Any withdrawal request to an address not on the whitelist will be automatically rejected. -
Prime Wallet Withdrawals:
Withdrawals from prime wallets are checked against the whitelist configured on the OpenXSwitch dashboard. Only addresses that have been authorized and added to the whitelist can be used for withdrawals. This ensures that funds are sent to trusted addresses, reducing the risk of unauthorized transfers. -
Sub-Wallet Withdrawals:
Withdrawals from sub-wallets are more flexible but also more controlled. Sub-wallet withdrawals can only be initiated through the OpenXSwitch API. This allows for tighter integration with business logic or automated processes.
Withdrawal Policy can only be accessed by: Owner.
2. How the Whitelist Works
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Add Authorized Addresses:
Only the owner of the workspace has the permission to add, modify, or remove addresses from the whitelist. This ensures that only trusted individuals can manage the list of authorized withdrawal addresses. -
Address Check:
During a withdrawal request, the system cross-checks the withdrawal address against the whitelist. If the address is authorized, the withdrawal proceeds; otherwise, the request is rejected.
3. Dashboard Withdrawal Flow
When a user initiates a withdrawal from the prime wallet on the OpenXSwitch dashboard, the system performs the following steps:
- The requested withdrawal address is checked against the whitelist.
- If the address is on the whitelist, the withdrawal is approved and processed.
- If the address is not on the whitelist, an error message is returned, and the withdrawal is denied.