Authorization Keys for Crypto Withdrawals

When Authorization Keys are required for your organization, anyone who creates a crypto withdrawal in the Dashboard, or a conversion or automation that withdraws crypto to an external address, must authorize the request with their Authorization Key before it is submitted. If your organization uses approvals for these actions, approvers must also use their key when they approve. This confirms that a specific, verified person reviewed and authorized each request. Someone who gets into a Dashboard session without that person’s key cannot withdraw crypto to an external address.

​

What needs an Authorization Key

If an approval rule is turned on for any of these actions, each approver also uses their key to approve. Fiat withdrawals, and conversions or automations that keep funds on Paxos, are not affected.

​

Before Authorization Keys are required

Paxos turns on the requirement for your organization. Before then, make sure everyone who creates or approves these actions has a Verified Authorization Key. Anyone without one cannot create or approve these actions once the requirement is on.

​

➊ Find out who needs a key

Anyone whose role lets them create crypto withdrawals, conversions or automations needs a key, along with anyone who approves them. The Dashboard reminds each of them to set one up.

​

➋ Have everyone create and verify a key

Each person follows Create your key, then sends their verification code to Paxos. Have everyone create their key first, then send all the codes in one form.

​

➌ Confirm with Paxos

Once your team’s keys are verified, contact your Paxos representative or Support to agree a date for the requirement to start.

​

Check whether Authorization Keys are required

Your Organization Settings show whether the requirement is on. Only Paxos can turn it on or off. To change it, contact Support.

​

Authorize a request

The steps are the same for withdrawals, conversions and automations. This example uses a crypto withdrawal.

​

➊ Review the request

Fill in and submit the withdrawal as usual.

​

➋ Review the request in the Paxos window

A Paxos window opens on authorize.paxos.com (authorize.sandbox.paxos.com in Sandbox), separate from the Dashboard. It shows the details of the request, such as the amount, asset, network and destination address. Check that the details match what you entered. If they do, click Accept & Sign, then confirm with your passkey or security key. If anything looks wrong, click Reject and nothing is submitted.

​

➌ Submitted

The window closes and the Dashboard submits the request. If an approval rule applies, the request goes to your approvers. Otherwise, Paxos processes it.

​

If you do not have a verified key

If you do not have a verified key, the request is not submitted and the Dashboard tells you what to do next:

• No key yet: create a key.
• Key waiting for verification: send Paxos your verification code.

Once your key is verified, submit the request again. If you have lost your key, see If you lose your key.

​

Frequently asked questions

Questions? Contact Support.