The ISO/IEC 27001 standard that underpins Binance’s new accreditation is the international standard that provides the specification for information security management systems (ISMS).
Cryptocurrency exchange Binance has been awarded an internationally recognized security accreditation, ISO/IEC 27001, following two external audits of its information security systems.
The exchange shared news of its accreditation in an official tweet on Sept. 23.
Two external audits to secure the accreditation
The technology-neutral standard is designed to assist organizations in managing their information security processes in line with international best practices.
To be evaluated for the accreditation, the platform underwent external audits by Norway-based, international accredited registrar DNV GL and by the United Kingdom Accreditation Service.
In its tweet, Binance claimed to be “among the first global crypto-asset platforms to receive ISO27001 accreditation, & the first certified by the DNV & UKAS.”
In sharing Binance’s original tweet, exchange CEO Changpeng Zhao said that the accreditation went towards “setting higher #SAFU standards for our industry” – a reference to the Secure Asset Fund for Users (SAFU) established by Binance in 2018. It provides a form of emergency insurance protection for users and their funds in extreme situations.
Bolstering confidence after security incidents
Binance’s new ISO 27001 accreditation comes following a year of thorny security issues for the platform.
In August, the platform fell victim to a hacking scandal that saw the miscreant allegedly gain possession of a huge portion of the firm’s Know Your Customer data (10,000+ personal photos).
In May, the exchange lost 7,000 Bitcoin (BTC) in a major hack of its hot wallets, worth over $40 million at the time.
Kim Dotcom to Sell His ‘Built on Bitcoin’ Token Next Month on Bitfinex
Cryptocurrency exchange Bitfinex has announced the relaunch of its Initial Exchange Offering (IEO) platform Tokinex as Bitfinex Token Sales and will offer the token of P2P digital content and monetization blockchain K.IM on October 22.
The news was revealed in a press release shared with Cointelegraph on Sept. 24.
A Bitcoin-integrated token
Per the release, K.IM has raised $2.5 million in funding from BnkToTheFuture, Bitcoin Capital and Max Keiser. According to the project’s roadmap, the platform is expected to go live in Q3 2020 alongside a formal listing on Bitfinex.
Entrepreneur, digital rights activist and founder of now-defunct file-sharing website Megaupload, Kim Dotcom, commented on the development:
“Combining the internet with Bitcoin gives us a real chance of achieving the original promise of the internet; freedom of speech, commerce and finance. […] I founded K.im to allow artists, content creators and digital businesses to cut out all the middlemen and sell content and digital goods without censorship and outside of monopolies.”
According to Dotcom, the Bitcoin blockchain has been able to scale so far and can now support a slew of new possibilities.
“We can finally create our KIM token on top of Bitcoin thanks to recent technical breakthroughs like Lightning and Liquid. Bitfinex is the perfect partner to help us distribute KIM tokens, built on Bitcoin, to those who want to access the freedoms that our products provide,” Dotcom explained.
Bitfinex courts LEO holders
Bitfinex meanwhile notes that the renewed IEO platform will have “direct integrations with the Bitfinex exchange itself.” The company’s chief technology officer Paolo Ardoino commented on the current IEO landscape:
“Most IEO’s are marketing campaigns that focus on achieving a short-term result, but that’s not how real businesses are built. Successful businesses are built through long-term, sustainable growth.”
Bitfinex also announced that its native utility token, Unus Sed Leo (LEO), will be part of all future token sales and its holders will have access to higher allocations than those participating with other digital assets.
As Cointelegraph recently reported, United States-based cryptocurrency exchange Coinbase has also indicated it is considering the launch of an IEO platform.