Binance Receives ISO Certifications Despite Global Regulations
(MENAFN- CoinXposure)
Binance CEO Changeng 'CZ' Zhao announced on June 4 that Binance has achieved ISO 27001 and ISO 27701 certifications for information security and data privacy in France, the United Arab Emirates, and Bahrain. These certifications, issued by the International Security of Organization (ISO), prove Binance's commitment to maintaining high user information security and data privacy standards in these countries.
Obtaining these certificates is part of Binance's broader initiative to adhere to international platform security and user data protection standards. This is crucial for the continued operation of the exchange, particularly in light of the regulatory challenges it faces in various jurisdictions.
Binance previously granted ISO certifications
It's worth noting that this is not the first time Binance has obtained ISO certifications. In 2019, the exchange received the ISO/IEC 27001 certificate after undergoing an audit and certification process conducted by the DNV and the United Kingdom Accreditation Service.
In 2022, Binance's custodial arm, Ceffu, completed a series of security examinations, including SOC 1 and SOC 2 Type 2 attestation and the ISO 27001 and ISO 27701 certificates. These certifications were seen as a demonstration of the platform's commitment to ensuring its clients' security and operational compliance.
Binance's declining market share amidst regulatory issues
However, despite Binance's efforts, its market share for Bitcoin spot trading activities has declined, dropping from 85% in February 2023 to around 40%. This decline has coincided with a period of increased regulatory troubles for Binance.
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In March, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its CEO for alleged violations of commodities law related to derivative orders. In April, Binance canceled its derivatives license with the Australian Securities and Investments Commission (ASIC) due to an ongoing investigation into its compliance with local laws. On May 12, Binance exited the Canadian market, citing unfavorable regulatory conditions.
Despite these challenges, Binance remains committed to expansion plans . It has recently obtained a license to operate in Thailand and is launching a regulatory complaint platform in Japan.
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