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Binance announces completion of SOC 2 security compliance audit

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Binance CEO Richard Teng | Binance, CC BY 4.0, via Wikimedia Commons

Binance, the world's largest cryptocurrency exchange, recently announced the successful completion of a System and Organization Controls (SOC) 2 compliance audit. The audit was conducted over several months by A-LIGN, a third-party assessor.

According to a blog post by Binance, the completion of the SOC 2 Type II compliance audit illustrates its ongoing commitment to maintaining high security standards as an industry leader. During the audit, A-LIGN confirmed that Binance's systems protection and data security practices are "well-designed and appropriately implemented."

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Binance's Chief Security Officer, Jimmy Su, stated, "Although the crypto industry has grown and matured over the past years, there remains a gap in 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 can meet, and even shift, the strict standards that apply in traditional regulated industries. The SOC 2 Type II audit is the latest example, but it won’t be our last."

In its post, Binance mentioned that obtaining "industry-standard accreditations" forms part of its strategy to boost trust, confidence, and reliability in the digital asset industry. Alongside the SOC 2 audit, Binance completed a SOC 1 audit earlier this year. It also received ISO 27001 and ISO 27701 certifications for information security governance and privacy information management in France, Turkey, Bahrain, and UAE.

During a Dec. 1 X Space event, Binance CEO Richard Teng emphasized his top priorities as CEO: protecting users and promoting regulatory clarity for the entire industry. He stressed that all industry participants should be playing "by the same rules."

When Binance obtained ISO 27001 and ISO 27701 certifications for France, Bahrain, and UAE in June, Su stated, "Users on our platform can be assured that their assets and information are protected in line with the latest global standards."

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European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

UK’s digital assets bill brings much-needed clarity to digital asset regulation

On November 6, the UK government issued an updated version of the Property (Digital Assets Etc.) Bill, clarifying its approach to defining digital assets, including crypto tokens, as recognized property under English law. The update aims to provide greater security and clarity for individuals and businesses engaging with digital assets.

Nov 20, 2024

Outlier Ventures CCO: People may use a 'more efficient, much less costly system to achieve the same user benefit'

Matt Law, Chief Commercial Officer at Outlier Ventures, said that it would not "surprise" him if many people embrace "more efficient," cost-effective systems like tokenization to gain the "same user benefit."

Nov 16, 2024

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