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 ISO/IEC 27001 standard that underpins Binance’s new accreditation is the international standard that provides the specification for information security management systems (ISMS).
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.