CoinSpot, one of Australia's top cryptocurrency exchanges by trading volume, says its security systems have been given the International Organization for Standardization (ISO) stamp of approval.
The news marks the platform as the first cryptocurrency exchange in Australia to receive an ISO information security accreditation. CoinSpot now has a user base topping one million, according to its own figures.
In order to meet the internationally recognized ISO/IEC27001 standard, CoinSpot was required to complete an external audit undertaken by SCI Qual International, an accredited Joint Accreditation System of Australia and New Zealand certification body.
The ISO develops international standards though a network of national bodies across 164 nations.
"There are inherent risks in keeping assets stored in exchanges as the history of the industry will attest and this ISO certification provides evidence of the hard work and continued effort of our team to protect our customers,” said Russell Wilson, founder of CoinSpot.
SCI Qual conducted a thorough investigation of the exchange's information security management processes and practices. It included the management of digital asset custody, information relating to employees, suppliers and clients, as well as intellectual property.
The policies laid out by SCI Qual are meant to enhance security by eliminating unauthorised access such as via hacking, as well as destruction, alteration or closures of the organization's information management systems.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.