The news marks the platform as the first cryptocurrency exchange in Australia to receive an ISO information security accreditation. CoinSpot now has a user base topping 1 million, according to its own figures.
CoinSpot, one of Australia’s top cryptocurrency exchanges by trading volume, says its security systems have been given the International Organization for Standardization (ISO) stamp of approval.
In order to meet the internationally recognized ISO/IEC27001 standard, CoinSpot was required to complete an external audit undertaken by SCI Qual International, an accredited Joint Accreditation System of Australia and New Zealand certification body.
The ISO develops international standards though a network of national bodies across 164 nations.
«There are inherent risks in keeping assets stored in exchanges as the history of the industry will attest and this ISO certification provides evidence of the hard work and continued effort of our team to protect our customers”, said Russell Wilson, founder of CoinSpot.
SCI Qual conducted a thorough investigation of the exchange’s information security management processes and practices. It included the management of digital asset custody, information relating to employees, suppliers and clients, as well as intellectual property.
The policies laid out by SCI Qual are meant to enhance security by eliminating unauthorised access such as via hacking, as well as destruction, alteration or closures of the organization’s information management systems.
Australian Woman Charged With Unlawfully Exchanging Over $3M in Crypto
An Australian woman has been charged by New South Wales State Police for unlawfully exchanging millions of dollars-worth of cryptocurrency including bitcoin.
As reported by 9News Australia, detectives from the New South Wales (NSW) Cybercrime Squad charged the unnamed woman after conducting a search of her car outside a shopping center in Burwood, Sydney, on Thursday and discovering AU$60,000 (US$38,736) in cash and 3.8 bitcoin on a hard wallet device.
The chief of the Cybercrime Squad, Detective Superintendent Matt Craft, said it was the first arrest by the team relating to «non-compliant digital currency providers» in the state, and may be the first of its kind in Australia, as per the report.
«This will be the first of many arrests I believe we will make over the coming years and you’re being put on notice,» Craft said, presumably addressing others conducting unlawful cryptocurrency sales.
The arrest followed a string of enquiries made by the cybercrime unit’s Strike Force Kerriwah, which was set up in late 2018 to investigate online money-laundering operations in NSW. The woman, in her 50s, is believed to be involved in a crypto money-laundering syndicate, according to the report.
Investigators with the strike force also seized cryptocurrency wallets with a further AU$18,200 (US$11,749) in bitcoin along with digital storage devices, computers and mobile phones while searching a residential property in Hurtsville, also in Sydney, just after the woman was arrested.
The investigation was in collaboration with AUSTRAC (Australian Transaction Reports and Analysis Centre) and the Australian Criminal Intelligence Commission (ACIC).
The woman has been charged with three counts of knowingly dealing with proceeds of crime and breaching requirement relating to digital currency exchange services. Police said it will be alleged in court the woman has transacted bitcoin valued at more than AU$5 million (US$3.22 million) since 2017.
Amendments to the country’s Anti-Money Laundering and Counter-Terrorism Financing Act (2006) were introduced in April 2018. These expanded the purview of the act to include the regulation of cryptocurrency exchanges.
