How SAFU Is Binance? Cybersecurity Firms FireEye and SlowMist May Have the Answer

On Friday (December 6), Binance reported the findings of security audits conducted by cybersecurity firms FireEye and SlowMist.

FireEye's Assessment

Binance's blog post says that California-based cybersecurity firm FireEye, Inc. has been helping to enhance Binance's network security since May 2019.

FireEye, which was founded in 2004, apparently has 8200+ customers in 103 countries, is used by 50% of the Forbes Global 2000, and has 3200+ employees worldwide.

In its most recent report on Binance, it says:

"Binance has invested heavily in information security, complete organization structure relating to information security, clearly defined responsibilities and standardized processes for day-to-day management & maintenance."

It goes on to add:

"What is worth mentioning here is the Binance approaches security incidents in a timely and transparent manner, which sets Binance apart from many other companies that elect to evade or conceal the problems out of consideration of their own interests. This attitude adopted by Binance toward the users shows that Binance is a company that is indeed responsible to the users, puts the interests of the users above all and takes security as its lifeline."

SlowMist's Assessment

As for Xiamen SlowMist Technology Co., Ltd. ("SlowMist"), a cybsersecurity firm headquartered in Xiamen, China, it seems as though it was founded by a team with members who have experience of previously working at Google, Microsoft, W3C, The Ministry of Public Security of the People's Republic of China, Tencent, Alibaba, and Baidu.

SlowMist used its Blockchain Threat Intelligence System (BTI) to prepare its latest safety monitoring report on Binance.

In this report, SlowMist says that it was first contacted by Binance in December 2018, and that since then it has "done a lot of security monitoring work for Binance."

It then goes to say:

"Binance’s production environment architecture, server security, application security, wallet private key security, office environment security and other important security projects are currently in high quality. At the same time, Binance’s risk control system is perfect and equipped with a number of measures to ensure the safety of user assets. SlowMist’s overall evaluation of Binance’s current security system is: Excellent."

Featured Image Courtesy of Binance

 

 

 

 

 

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Two Brazilian Crypto Exchanges Close Following Change in Tax Laws

  • Two Brazilian exchanges have been forced to close in the face of strict new regulations.
  • Exchanges are required to keep track of all transactions made with cryptocurrency or pay fines. 

Two Brazilian cryptocurrency exchanges have been forced to shut down following the enactment of new tax laws. 

Following reports of rampant cryptocurrency-related fraud in 2019, Brazilian politicians have created and enforced new tax regulations for the industry of cryptocurrency. 

According to a report by Bitcoin.com, exchanges Acesso and Latoex are two of the first casualties of the increased regulation. Both exchanges have decided to end operation, rather than pay the hefty fines and comply with strict regulation in the face of shrinking trading volume. 

Pedro Nunes, co-founder of Acesso Bitcoin, told Portal do Bitcoin, 

After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges.

The new regulations, implemented in August 2019, require traders and brokerages to report all transactions involving cryptocurrencies. Failure to comply results in penalties ranging from 500 BRD to 1500 BRD ($120 - $360). 

Exchanges say that compliance with the new regulation requires expensive investment into new resources, which has been untenable for smaller and less profitable organizations.

Featured Image Credit: Photo via Pixabay.com