Binance gains ISO certifications amid global regulatory hurdles

Binance has obtained the ISO 27001 and ISO 27701 certifications for accusation information and information privateness successful France, United Arab Emirates, and Bahrain, CEO Changeng ‘CZ’ Zhao tweeted connected June 4.

The certifications from the International Security of Organization (ISO) are grounds of precocious standards for idiosyncratic accusation information and information privateness crossed these countries.

Additionally, these certificates are portion of the exchange’s effort to conscionable planetary standards for the information of its level and the extortion of users’ data. This is indispensable for its continued cognition arsenic it faces regulatory challenges successful respective jurisdictions.

Binance’s erstwhile ISO certifications

Meanwhile, this is not the archetypal clip the speech volition get an ISO certification. In 2019, the speech was awarded the ISO/IEC 27001 certificate aft being audited and certified by the DNV and the United Kingdom Accreditation Service.

In 2022, Binance’s custodial arm, Ceffu, completed a bid of information examinations, including the SOC 1 and SOC 2 Type 2 attestation, alongside the ISO 27001 and ISO 27701 certificates.

At the time, Ceffu VP, Athena Yu, said the certifications showed the platform’s committedness to maintaining its clients’ information and operational compliance.

Binance’s falling marketplace stock amid regulatory troubles

Binance faces accrued regulatory concerns amid its dwindling marketplace dominance for Bitcoin spot trading activities. The exchange’s marketplace stock for Bitcoin spot trading activities dropped to astir 40% from 85% recorded successful February 2023.

This diminution coincided with a play of accrued regulatory troubles from aggregate fronts. For context, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and its CEO implicit commodities instrumentality violations successful March. The regulator alleged that the speech illegally facilitated the trading of derivative orders connected commodities for U.S. citizens.

In April, the exchange canceled its derivatives licence with the  Australian Securities and Investments Commission (ASIC). The fiscal watchdog said it was investigating the platform’s compliance with section laws.

On May 12, the exchange exited the Canadian market, citing the unfavorable regulatory situation arsenic a hindrance to its operations.

However, these issues person not deterred its enlargement plans arsenic it precocious obtained a licence to run successful Thailand and is besides launching a regulatory ailment level successful Japan.

The station Binance gains ISO certifications amid planetary regulatory hurdles appeared archetypal connected CryptoSlate.