Binance positive aspects ISO certifications amid international regulatory hurdles

Binance has obtained the ISO 27001 and ISO 27701 certifications for data 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 consumer data safety and knowledge privateness throughout these nations.

Moreover, these certificates are a part of the alternate’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 alternate will acquire an ISO certification. In 2019, the alternate 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 sequence of safety examinations, together with the SOC 1 and SOC 2 Kind 2 attestation, alongside the ISO 27001 and ISO 27701 certificates.

On the time, Ceffu VP, Athena Yu, stated 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 considerations amid its dwindling market dominance for Bitcoin spot buying and selling actions. The alternate’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 regulation violations in March. The regulator alleged that the alternate illegally facilitated the buying and selling of by-product orders on commodities for U.S. residents.

In April, the alternate 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 alternate exited the Canadian market, citing the unfavorable regulatory surroundings as a hindrance to its operations.

Nevertheless, these points haven’t deterred its growth plans because it not too long ago obtained a license to function in Thailand and can be launching a regulatory grievance platform in Japan.

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