Crypto News

Binance Receives ISO Certification Amid Global Regulatory Hurdles

Binance Receives ISO 27001 and ISO 27701 Certification for Information Security and Data Privacy in France, UAE and Bahrain, CEO Changheng ‘CZ’ Zhao Tweeted On June 4th.

The organization’s certification from the International Organization for Security (ISO) is evidence of the high standards for user information security and data privacy in these countries.

Additionally, these certifications 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 operations as it faces regulatory challenges in several jurisdictions.

Previous ISO Certifications of Binance

Meanwhile, this is not the first time that the exchange will receive the ISO certification. In 2019, Exchange Was Prize ISO/IEC 27001 Certificate Having been audited and certified by DNV and the United Kingdom Accreditation Service.

In 2022, Binance’s custodial arm, Cefu, completed a series of security examinations including SOC 1 and SOC 2 Type 2 certification with ISO 27001 and ISO 27701 certifications.

At that time, Seifu VP, Athena Yu, Said The certifications showcased the platform’s commitment to maintaining the security and operational compliance of its customers.

Binance Market Share Falling Amidst Regulatory Troubles

Binance faces regulatory concerns amid its dwindling market dominance for bitcoin spot trading activities. The exchange’s market share for bitcoin spot trading activity fell to around 40% from the 85% recorded in February 2023.

This decline coincided with a period of increased regulatory troubles from several fronts. For context, the US Commodity Futures Trading Commission (CFTC) sued Binance and its CEO in March over violations of commodities law. The regulator alleged that the exchange illegally facilitated trading of derivative orders on commodities for US citizens.

In April, the exchange revoked 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 12 May, the exchange exited the Canadian market, citing an unfavorable regulatory environment as a hindrance to its operations.

However, these issues have not affected its expansion plans recently obtained There is also a license to operate in Thailand launch A regulatory complaint forum in Japan.

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