Crypto Exchange Binance Awarded ISO Security Accreditation

The crypto exchange says it's been awarded an information security accreditation after audits found it met ISO standards.

AccessTimeIconSep 24, 2019 at 9:32 a.m. UTC
Updated Sep 13, 2021 at 11:29 a.m. UTC

Binance, the top cryptocurrency exchange by trading volume, says it's been awarded an information security accreditation after meeting standards set out by the International Organization for Standardization (ISO).

To meed the internationally recognized ISO/IEC 27001 standard, Binance said, it was audited by Norway based DNV GL, an international accredited registrar and classification society, and the United Kingdom Accreditation Service, a national accreditation body that evaluates firms on a variety of standards.

The accreditation makes Binance the "first company in the cryptocurrency industry to be verified by DNV and UKAS," the firm claimed in an email sent to CoinDesk Tuesday.

For the audits, Binance was examined on 114 criteria across 14 categories, including security policy, asset management, operational security and information systems.

Binance CEO Changpeng "CZ" Zhao said in the announcement:

“Obtaining the ISO certification is one significant aspect of our security commitment to the industry and our community. We will continue to advance our investment and endeavours in improving cyber security defense.”

The accreditation will likely help reassure users after the exchange was hacked for $40.7 million in bitcoin this May.

CZ said at the time that the breach saw malicious actors access user API keys, two-factor authentication codes and “potentially other info,” to access its sytems and withdraw the cryptocurrency.

Binance also recently had an apparent leak of up to 60,000 users' know-your-customer verification data, though it pointed a finger at a third-party service provider at the time.

CZ image courtesy Binance

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