Binance has obtained the ISO 27001 and ISO 27701 certifications for info safety and knowledge privateness in France, United Arab Emirates, and Bahrain, CEO Changeng ‘CZ’ Zhao tweeted on June 4.
The certifications from the Worldwide Safety of Group (ISO) are proof of excessive requirements for person info safety and knowledge privateness throughout these nations.
Moreover, these certificates are a part of the trade’s effort to fulfill worldwide requirements for the safety of its platform and the safety of customers’ knowledge. That is important for its continued operation because it faces regulatory challenges in a number of jurisdictions.
Binance’s earlier ISO certifications
In the meantime, this isn’t the primary time the trade will acquire an ISO certification. In 2019, the trade was awarded the ISO/IEC 27001 certificates after being audited and authorized by the DNV and the UK Accreditation Service.
In 2022, Binance’s custodial arm, Ceffu, accomplished a collection of safety examinations, together with the SOC 1 and SOC 2 Sort 2 attestation, alongside the ISO 27001 and ISO 27701 certificates.
On the time, Ceffu VP, Athena Yu, said the certifications confirmed the platform’s dedication to sustaining its purchasers’ safety and operational compliance.
Binance’s falling market share amid regulatory troubles
Binance faces elevated regulatory issues amid its dwindling market dominance for Bitcoin spot buying and selling actions. The trade’s market share for Bitcoin spot buying and selling actions dropped to round 40% from 85% recorded in February 2023.
This decline coincided with a interval of elevated regulatory troubles from a number of fronts. For context, the U.S. Commodity Futures Buying and selling Fee (CFTC) sued Binance and its CEO over commodities legislation violations in March. The regulator alleged that the trade illegally facilitated the buying and selling of by-product orders on commodities for U.S. residents.
In April, the trade canceled its derivatives license with the Australian Securities and Investments Fee (ASIC). The monetary watchdog stated it was investigating the platform’s compliance with native legal guidelines.
On Could 12, the trade exited the Canadian market, citing the unfavorable regulatory surroundings as a hindrance to its operations.
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