Binance gains ISO certifications amid global regulatory hurdles Binance gains ISO certifications amid global regulatory hurdles
Binance new security certifications shows it commitment to meeting high security standards despite its regulatory issues.
2 min read
Updated: Jun. 5, 2023 at 10:37 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance has obtained the ISO 27001 and ISO 27701 certifications for information security and data privacy in France, United Arab Emirates, and Bahrain, CEO Changeng ‘CZ’ Zhao tweeted on June 4.
The certifications from the International Security of Organization (ISO) are evidence of high standards for user information security and data privacy across these countries.
Additionally, these certificates are part of the exchange’s effort to meet international standards for the security of its platform and the protection of users’ data. This is essential for its continued operation as it faces regulatory challenges in several jurisdictions.
Binance’s previous ISO certifications
Meanwhile, this is not the first time the exchange will obtain an ISO certification. In 2019, the exchange was awarded the ISO/IEC 27001 certificate after being audited and certified by the DNV and the United Kingdom Accreditation Service.
In 2022, Binance’s custodial arm, Ceffu, completed a series of security examinations, including the SOC 1 and SOC 2 Type 2 attestation, alongside the ISO 27001 and ISO 27701 certificates.
At the time, Ceffu VP, Athena Yu, said the certifications showed the platform’s commitment to maintaining its clients’ security and operational compliance.
Binance’s falling market share amid regulatory troubles
Binance faces increased regulatory concerns amid its dwindling market dominance for Bitcoin spot trading activities. The exchange’s market share for Bitcoin spot trading activities dropped to around 40% from 85% recorded in February 2023.
This decline coincided with a period of increased regulatory troubles from multiple fronts. For context, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and its CEO over commodities law violations in March. The regulator alleged that the exchange illegally facilitated the trading of derivative orders on commodities for U.S. citizens.
In April, the exchange canceled its derivatives license with the Australian Securities and Investments Commission (ASIC). The financial watchdog said it was investigating the platform’s compliance with local laws.
On May 12, the exchange exited the Canadian market, citing the unfavorable regulatory environment as a hindrance to its operations.
However, these issues have not deterred its expansion plans as it recently obtained a license to operate in Thailand and is also launching a regulatory complaint platform in Japan.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
