Hassan Maishera
Binance, the world's leading blockchain and cryptocurrency infrastructure provider, announced via a press release on Monday, December 18th, that it has successfully completed the System and Organization Controls (SOC) 2 Type II compliance audit for its global platform and technology services.
According to the crypto exchange, this latest development represents the latest in Binance’s unwavering commitment to enhance security standards in the crypto industry.
The SOC Type II audit was carried out by trusted third-party assessor A-LIGN following a comprehensive multi-month assessment of Binance’s controls and practices in two areas: systems protection and data security.
The independent audit also validated the day-to-day operational effectiveness of these controls and is globally recognized, Binance added.
It is crucial that the cryptocurrency exchange establishes and maintains strong security protocols on its platform and products since it is a custodian of users' digital assets and data. The SOC 2 audit shows that Binance is fulfilling its responsibility in this regard.
While commenting on this latest development, Jimmy Su, Chief Security Officer at Binance, said,
"Although the crypto industry has grown and matured over the past years, there remains a gap in the understanding and perception. Collective efforts from industry players are required to affect change and Binance, as the market leader, recognizes that it needs to be at the forefront of such efforts. That is why we've dedicated significant resources and effort to demonstrating that crypto platforms are able to meet, and even exceed, the strict standards found in traditional regulated industries. The SOC 2 Type II audit is the latest example, but it won't be our last."
The cryptocurrency exchange remains dedicated to building trust, confidence, and reliability in the blockchain ecosystem and this is visible via the industry-standard accreditations it has secured.
Over the last 12 months, Binance has received the ISO 27001 and ISO 27701 certifications for information security governance and privacy information management in four jurisdictions: France, United Arab Emirates, Bahrain, and Turkey.
The cryptocurrency exchange also completed the less stringent SOC 2 Type I audit, a precursor to the audit announced today, earlier in March. Binance will also carry out annual surveillance audits to ensure continued conformity with the standards and requirements set out.
Binance added that these accreditations were obtained thanks to the efforts of its Security Governance team.
