Binance Granted ISO Security Accreditation

The largest crypto exchange in terms of trading volume, Binance, states that it has been granted an information security accreditation after fulfilling the principles given by the International Organization for Standardization (ISO), CoinDesk reports.

According to the exchange firm, both the Norwegian certification and classification society DNV GL as well as the UK Accreditation Service (UKAS) were involved in auditing to confirm fulfilment of the compliance requirements.

The crypto exchange became the inaugural crypto firm to be accredited by ISO.

The crypto company notes says that it was audited for compliance on 114 aspects that were divided into 14 categories that comprised security policies, management of assets, security operations as well as information systems.

Binance CEO Changpeng Zhao expressed his gratitude for the certification. He stated:

“Obtaining an ISO certification is an important aspect of our commitment to safety before the industry and the community. We will continue to develop investments and work to increase cybersecurity.”

Zhao explained that the awarding of the accreditation certificate was imperative in enhancing higher SAFU standards in the crypto space. Binance launched the Secure Asset Fund for Users (SAFU) standards last year to enhance clients’ protection against any loss of funds.

The accreditation of the firm will go a long way in reassuring the customers after various security lapses over the past few months. The company lost about 7, 000 Bitcoin in May this year. In addition, the crypto exchange also saw a leak of about 60,000 customer verification data although it blamed the incidence on a service provider contracted by the company.