Binance Successfully Completes SOC 2 Type II Compliance Audit

Binance has completed a comprehensive SOC 2 Type II compliance audit, aiming to further enhance cryptocurrency security.

The crypto exchange Binance announced in a blog post that it had successfully undergone the System and Organization Controls (SOC) 2 Type II compliance audit. This audit, conducted by the third-party validator A-LIGN, involved a detailed evaluation of Binance’s controls and practices in two key areas, systems protection and data security.

The exchange aims to maintain robust security protocols across its platform and continuously upgrades its systems. Key measures include stringent access management, advanced encryption techniques, and a resilient incident response protocol.

Binance Reiterates Its Commitment to Security

“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,” said Binance Chief Security Officer Jimmy Su.

“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,” said Su. “The SOC 2 Type II audit is the latest example.”

According to Binance’s new CEO Richard Teng, the audit reaffirms “well-designed and appropriately implemented controls.”

#Binance has passed a comprehensive SOC 2 Type II compliance audit, affirming our dedication to strict security standards.

A trusted independent auditor validated our security measures, affirming well-designed and appropriately implemented controls.https://t.co/5anLPBkgsJ

— Richard Teng (@_RichardTeng) December 19, 2023

Teng was named the new CEO of Binance after Changpeng Zhao (CZ) stepped down. He expressed the confidence in Binance’s future and said the exchange will continue to be the world’s largest crypto exchange by volume.

“The fundamentals of our business are VERY strong,” said Teng. “Our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.”

Richard Teng on Taipei Blockchain Week

Recently, Teng joined Ethereum co-founder Vitalik Buterin to kick off Taipei Blockchain Week, where he said he felt “humbled and honoured” to be leading the exchange.

“Traditional media still associate crypto and blockchain with scams and illicit funds – but if you look at data issued by the US financial crime office Chainalysis and many other research pieces — the amount of illicit funds going into crypto is 0.02%,” said Teng.

This latest audit not only validated Binance’s security protocols but also underscored its commitment to aupporting a secure environment for its users’ digital assets and data.