Security at Firi

Buying, selling and storing cryptocurrency should feel safe. That is why we continuously work to protect both your account and your crypto with multiple layers of security.

At Firi, you can let us take care of storing your crypto, so you don't have to manage private keys or other technical security solutions yourself. If you prefer to store your crypto yourself, you can also transfer it to your own wallet.

MiCA authorisation as a crypto-asset service provider

Firi is authorised by the Financial Supervisory Authority of Norway to provide crypto-asset services under the EU's MiCA regulation and is authorised as a Crypto-Asset Service Provider (CASP).

This authorisation allows Firi to provide crypto-asset services across the EU/EEA, including Norway, Sweden and Denmark. As a regulated crypto-asset service provider, we are subject to extensive requirements relating to security, customer protection and corporate governance, among other things.

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We store our customers' crypto using both “hot” and “cold” storage, also known as hot storage and cold storage. To do this, we use security technology from Fireblocks and its MPC solution, which has become widely used as an industry standard in recent years.

Hot storage and cold storage

Hot storage means that the keys used to access the cryptocurrency are stored on a device connected to the internet. We keep as little as possible in hot storage, while still keeping enough available for customers to make withdrawals quickly and easily.

Most of the keys are stored “cold”. This means they are not accessible via the internet or connected to other computers. This is generally considered the safest way to store cryptocurrency.

Your crypto is protected against hacking

To withdraw cryptocurrency from a wallet, a cryptographic key is needed to create a valid signature. You can think of this signature as proof that a transaction has been authorised. Protecting the key information from unauthorised access is therefore an important part of keeping your crypto secure.

Firi uses a cryptographic method from Fireblocks called MPC (Multi-Party Computation). Instead of relying on a single key, MPC divides the key information into three or more separate parts, known as key shares. One key share cannot be used on its own. The required shares must be used together to create a valid signature for a transaction.

In our hot wallet, Fireblocks stores some of the key shares, while Firi stores others. This means that Fireblocks cannot carry out transactions without Firi's approval.

For larger withdrawals, additional manual approvals from multiple authorised parties are also required.

Our cold wallet uses the same principle, but no key shares are stored on servers. Instead, transactions are signed using devices that are completely disconnected from the internet, known as air-gapped devices. These devices are physically isolated from networks, and transactions require multiple internal approvals.

In this way, security is built in multiple layers. No single key share, device or party is enough on its own to gain access to customers' crypto.

When you register and use your Firi account, we use several security measures to protect your account and your assets.

When registering and logging in

When you register and log in, you verify your identity using the electronic identification solution available for your country, such as BankID or MitID.

When making deposits and trades

For deposits and trades, we require secure digital approval using your electronic identification solution or Apple Pay or Google Pay, depending on the payment method you use.

When making withdrawals

When withdrawing money or crypto – for example, when you send or transfer crypto from Firi to another wallet – we require secure digital approval.

It is therefore important that you never share personal information or security codes with anyone, or approve an action through your electronic identification solution at another person's request.

Your wallets at Firi

As a Firi customer, you automatically receive a personal address for each cryptocurrency that you can receive with us. You use this address when you want to receive or transfer crypto to your Firi account.

You can find your wallet address in the app by selecting the cryptocurrency you want to deposit.

You can also choose to move your crypto from Firi to your own external wallet. When you do so, you are responsible for its storage and security. Crypto transferred from Firi to an external wallet is no longer protected by Firi's security solutions or Fireblocks' insurance.

At Firi, customer assets are exactly that, our customers' assets. Firi never takes risks with our customers' assets, and we do not use your assets unless you specifically ask us to do so. This is not the case with all crypto providers.

But what would happen if Firi, contrary to expectations, were to go bankrupt? Both your crypto and your money would continue to be securely held with us. Your crypto is held in the company's wallets and protected by our security solutions, while your money is held in separate bank accounts.

Customers' crypto and money are deliberately kept separate from the company's own assets and therefore cannot be seized by the bankruptcy estate.

By leaving customer assets untouched, we also eliminate the risk of being unable to return customer assets if something were to happen to Firi. In theory, all our customers could withdraw everything they hold with Firi at the same time, and we would be able to process those withdrawals. This is not the case with all global crypto exchanges – or traditional banks, for that matter.

Our auditor verifies that we have full coverage for customer assets.

You can find Firi's annual accounts and other official company information in the Brønnøysund Registers, Norway's official register of companies and corporate information.

View official company information for Firi AS.

When working with cryptocurrency, it is essential to recognize that employees can be seen as potential targets for criminal actors. To counteract this risk, we at Firi have implemented several layers of security measures. Among other things, we ensure that no individual has the ability to move cryptocurrency. Our system requires multiple authorized individuals to approve any transfer of funds, effectively eliminating the possibility of criminals pressuring employees to hand over assets. This cannot be bypassed in any way, protecting both our employees and our customers' funds.

Furthermore, Firi has extensive personal security procedures for all employees working with cryptocurrency. We have installed alarm systems and notification services that cover both our staff and our workplaces. These measures ensure a quick response to any potential security breach and contribute to a safe working environment where our employees can focus on their work without worrying about personal safety.

At Firi, we take security seriously. To ensure the highest level of protection for our platform and users, we have conducted independent security assessments and code reviews. You can read the summaries of these assessments here:

Our commitment to security is ongoing, and we continuously work to strengthen our platform against potential threats.

Using internal systems, risk engines and experienced employees, we stop the vast majority of scam and fraud attempts before money or crypto leaves our platform.

How we detect attempts at fraud and money laundering

Firi has a dedicated compliance team that works to ensure that we comply with applicable laws and regulations and protect our customers from scams, financial crime and other risks.

The team monitors activity on the platform and uses analytical tools and risk assessments to detect suspicious activity. In this way, we have uncovered hundreds of attempted scams.

Firi's compliance team consists of employees with education and experience in areas such as banking, law enforcement and IT. They handle alerts and monitor our systems to help prevent customers from falling victim to scams and to make it safer to invest in cryptocurrency with Firi.

Compliance work is also about ensuring that Firi operates in accordance with applicable laws, regulations and ethical guidelines. This includes establishing and maintaining systems and processes that help us comply with the requirements that apply to Firi.

Blocking scammers

We actively work to identify and block wallet addresses that we know have been used for scams. This means that we can prevent our customers from sending crypto from Firi to these addresses.

To keep our information as up to date as possible, it is important that you let us know if you come across a wallet address that you suspect is connected to a scam.

When we block a wallet address, it only means that crypto cannot be sent to that particular address from Firi. The address still exists on the blockchain and can continue to be used outside Firi.

We recommend that you never send crypto to people you do not know or trust.

Are you ready to get started with cryptocurrency?

Create your Firi account now