In the crypto industry, a whitelist is the word associated with the Initial Coin Offering (ICO) events as well as withdrawal addresses present on the exchanges.
With respect to ICO activities, a whitelist is a list of approved and registered participants who have exclusive access to the pre-sale of ICO. Limited individuals are handed over a form that helps in the collection of the list of potential investors for the ICO.
Few crypto projects even allow the investors to take part in the public sale of the tokens by offering a whitelisting phase. The whitelisting phase is used by the owners of those crypto projects to verify potential buyers of the tokens and also ensure that they are in compliance with the terms and conditions of the sale of the token. An analogy for whitelisting can be drawn from events like pre-registering for a particular product of the company, which indicates that the buyers have shown interest in the new product, indicating potential sale.
With respect to withdrawal addresses, a whitelist is a list of crypto addresses that are considered credible by the users to transact with. The withdrawal of funds takes place from their address to addresses that have been whitelisted.