Binance Acquires ISO 27001 and ISO 27701 Certification for Information Security and Data Privacy in France, United Arab Emirates and Bahrain (CEO Changeng “CZ” Zhao) tweeted June 4th.
International Security of Organization (ISO) certification attests to the high standards of user information security and data privacy in these countries.
Additionally, these certificates are part of the exchange’s efforts to meet international standards for platform security and protection of user data. This is essential for continued operations as we face regulatory challenges in several jurisdictions.
Binance’s previous ISO certification
This is not the first time the exchange has received ISO certification. On exchanges in 2019, was Award ISO/IEC 27001 Certificate Audited and certified by DNV and UK Accreditation Service.
In 2022, Ceffu, the custodial arm of Binance, will: Completed a series of security checks, including SOC 1 and SOC 2 Type 2 certification alongside ISO 27001 and ISO 27701 certificates.
Vice President Cech at the time, Athena Yu, Said This certification demonstrates the platform’s commitment to maintaining client security and operational compliance.
Binance’s Market Share Drops Due to Regulatory Issues
Binance faces increasing regulatory concerns as its market power in bitcoin spot trading activity wanes. The exchange’s market share of bitcoin spot trading activity has fallen to around 40% from a record 85% in February 2023.
This decline coincided with a period of increasing regulatory troubles on many fronts. To put it in context, the US Commodity Futures Trading Commission (CFTC) sued Binance and its CEO in March for violating the Commodities Act. Regulators alleged that the exchange illegally facilitated the trading of commodity derivative orders for US citizens.
The exchange canceled its derivatives license with the Australian Securities and Investments Commission (ASIC) in April. Financial watchdogs said they were investigating whether the platform complies with local laws.
On May 12, the exchange withdrew from the Canadian market, citing an unfavorable regulatory environment as a hindrance to its operations.
These days, however, these issues do not prevent its expansion plans. obtained We have a license to operate in Thailand, launch Japanese Regulatory Complaints Platform.
An article about Binance getting ISO certified amid global regulatory hurdles first appeared on CryptoSlate.
