Binance Receives an Internationally Recognized ISA
- Despite recent hacks, Binance still received the reputable ISO/IEC 27001 standard.
- The company was examined on 114 criteria across 14 categories, including asset management, security policy, and operational security.
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The largest cryptocurrency exchange by trading volume, Binance, has been awarded an information security accreditation, the company said in a tweet on 23 September.
According to the announcement, Binance received the internationally recognized ISO/IEC 27001 standard after it went through two external audits of its information security management systems (ISMS). The two companies to conduct the audits were the Norway-based international accredited registrar DNV GL, and the United Kingdom Accreditation Service (UKAS), a national accreditation firm that evaluates firms on a variety of standards. The tweet further mentioned that Binance is one of the first cryptocurrency platforms to receive the accreditation:
During the audits, Binance had to be examined on 114 criteria across 14 categories, which included asset management, security policy, information systems, and operational security. The ISO/IEC 27001 was set out by the International Organization for Standardization (ISO) and is a technology-neutral standard, which is designed to help organizations manage their information security processes in accordance with the international best practices.
It has been a rough year for Binance, and hopefully the new accreditation will help reassure its users in its security. In August the exchange was a victim to an apparent hack, which saw 10,000 KYC photos being leaked, while in May it lost around 7,000 BTC in yet another hack, this time of its hot wallets.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.