Seychelles-headquartered BitMEX has announced receiving International Organisation for Standardisation [ISO] information security certification on the 7th of June. ISO is essentially a global body that determines and reviews crucial standards across several different industries.
The official announcement of the exchange read,
“It’s difficult to overstate the importance of information security for a platform like BitMEX. Traders trust us because of our track record on security – we have never lost a single Satoshi through intrusion or hacking. But security is never a static process and in order to continue to set the bar as high as possible, we sought – and were awarded – one of the most rigorous certifications: ISO/IEC 27001.”
According to the cryptocurrency platform, ISO/IEC 27001 is much more than just an audit of IT systems. This particular certification requires a comprehensive examination of a particular organization’s information security risks such as threats, vulnerabilities, and impacts.
ISO/IEC 27001 also deals with the evaluation of a bespoke, comprehensive set of information security controls and risk mitigation tools as well as carrying out a thorough management process to make sure information security standards continue to advance and develop.
BitMEX’s legal issues
This news comes after the date for the derivatives platform’s money laundering trial was set to start in March next year.
The crypto derivatives platform had been on the business end of multiple legal cases and will face money laundering charges eighteen months after the charges were first announced.
2020 has been a challenging year for BitMEX and its founders. Is Co-founder and ex-CEO Arthur Hayes, co-founder Benjamin Delo, and CTO Samuel Reed, BitMEX’s head of business development, Gregory Dwyer, all faced charges of allegedly violating multiple regulatory requirements at once.
The US Commodity Futures Trading Commission [CFTC], in particular, accused the firm of functioning an “unregistered trading platform” that did not offer the essential measures to fight money laundering. As a result, the four execs lost their positions at the company.