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Binance Gets Major Certificates Despite Controversy

Binance Gets Major Certificates Despite Controversy

If there is one trading platform that has received a lot of negative news lately, it is Binance. The largest crypto exchange in the world is not exactly the darling of policymakers, but it has now received two ISO certificates in three countries.

Binance gets ISO certificates

That writes Binance CEO Changpeng Zhao on Twitter. Binance has received certificates for the ISO standards ISO 27001 (information security) and ISO 27701 (data privacy). They apply to Binance’s activities in France, the United Arab Emirates (UAE) and Bahrain, although it is not clear from CZ’s tweet whether the two certificates apply to all three countries.

In any case, the process for obtaining these certificates is standardized worldwide. After all, they are from the International Organization for Standardization (ISO). That means there is a good chance that Binance should be able to get the same certificates in other countries as well.

Furthermore, the crypto exchange has often received ISO certificates. For example, in 2019 it received the same ISO 27001 statement from Norwegian and British policy makers. At the end of 2022, Binance’s Ceffu subsidiary (formerly Binance Custody) also received a ISO 27701 certificate. The trading platform is therefore no stranger to the certificates it has now received.

Binance has problems with policymakers

Ironically, information security and data privacy are not the aspects why policymakers are currently criticizing Binance. At the beginning of this year, it turned out that the audit that the platform had done of the bitcoin (BTC) on the platform did not go well, and that Binance was in fact had a hole in the balance sheet.

A few weeks ago, the news again went that it would have used customer money for its own purposes. It is also accused of market manipulation by the US Commodities Futures Trading Commission (CFTC), for which the policymaker has sued the exchange. Due to all the uncertainty, the platform has regularly been characterized by investors who have sought refuge elsewhere in recent months.

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