To meed the internationally recognized ISO/IEC 27001 standard, Binance said, it was audited by Norway based DNV GL, an international accredited registrar and classification society, and the United Kingdom Accreditation Service, a national accreditation body that evaluates firms on a variety of standards.
Binance, the top cryptocurrency exchange by trading volume, says it’s been awarded an information security accreditation after meeting standards set out by the International Organization for Standardization (ISO).
The accreditation makes Binance the “first company in the cryptocurrency industry to be verified by DNV and UKAS”, the firm claimed in an email sent to CoinDesk Tuesday.
For the audits, Binance was examined on 114 criteria across 14 categories, including security policy, asset management, operational security and information systems.
Binance CEO Changpeng “CZ” Zhao said in the announcement:
“Obtaining the ISO certification is one significant aspect of our security commitment to the industry and our community. We will continue to advance our investment and endeavours in improving cyber security defense.”
The accreditation will likely help reassure users after the exchange was hacked for $40.7 million in bitcoin this May.
CZ said at the time that the breach saw malicious actors access user API keys, two-factor authentication codes and “potentially other info”, to access its sytems and withdraw the cryptocurrency.
Binance also recently had an apparent leak of up to 60,000 users’ know-your-customer verification data, though it pointed a finger at a third-party service provider at the time.
Crypto Exchange Binance Announces New Stablecoin Initiative
Cryptocurrency exchange Binance has announced that it’s launching a project that will develop cryptocurrencies and digital assets pegged to fiat currencies around the world.
Dubbed Venus, the “localized” stablecoin initiative will see the firm utilize its existing infrastructure, such as its public blockchain, Binance Chain, and international payment system, “to empower developed and developing countries to spur new currencies.”
Binance said it’s seeking to create new partnerships with governments, enterprises and cryptocurrency and blockchain firms to assist the effort.
The exchange stated in its Monday announcement that it “will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus”, adding:
“Binance welcomes additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with us to build a new open alliance and sustainable community.”
The exchange has previously launched two stablecoins, BTCB, pegged to bitcoin, and BGBP, pegged to the British pound. on Binance Chain. It also listed the USDC dollar-backed cryptocurrency back in November.
In a statement to CoinDesk, Binance co-founder Yi He addressed the new project, saying:
“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”