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.