The team at Binance is pleased to announce that Binance Custody has “completed our SOC 2 Type 1 and SOC 2 Type 2 attestations.”
Their completion demonstrates their commitment “to information security and privacy protection by closing the year with an array of security examinations.”
These also include their ISO 27001 and ISO 27701 certifications and “an external penetration test recently conducted on our platform.”
The SOC 2 Type 2 report “has been verified by an independent auditor and takes a step further in assessing an organization’s internal controls.” The report “achieves this by evaluating how effective those controls are at maintaining [their] platform’s security and safeguarding client data over an extended period.”
Athena Yu, VP of Binance Custody, said:
“Since launching our services, our priority has been to build a custody platform that institutions can entrust with the security of their assets and data. Receiving this SOC 2 Type 2 attestation affirms this priority, and we will continue to provide and maintain the highest level of security and operational compliance for our clients.”
Moving forward, Binance Custody will “undergo these security and risk management examinations annually.”
The team will “uphold these standards and ensure institutions can continue participating safely in the digital asset economy by storing and managing their assets with our institutional-grade custody infrastructure.”
In another recent update, it was noted that Binance Labs, the venture capital arm and accelerator of Binance, has “made a strategic investment to commit up to $4.5 million to Ambit Finance, a DApp using novel structured financial products to enhance the utility of BUSD and other select crypto assets.”
The deal will also see Binance Labs and Ambit collaborate “on launching future DeFi apps with a focus on innovation, security, and risk control, and partner with projects within the BNB Chain ecosystem and beyond.”
Ambit will “enable new use cases for BNB Chain users with the creation of a yield-bearing BUSD-based stablecoin designed to provide sustainable yield throughout all market conditions.”
The project’s multi-phased roadmap will also “see it deliver a DeFi Superapp incorporating both existing DeFi functionalities like collateralized lending and innovative solutions for domains like under-collateralized margin lending and structured products for financial institutions.”
Ambit’s North Star will “strive to provide the most unified user experience in all of Web3 and become a hub of DeFi activity.”
BUSD, issued by Paxos, is “regulated by the New York State Department of Financial Services (NYDFS).”
In line with the regulatory requirements, BUSD offers “a transparent product that verifies, protects, and ensures the reserves, efficiently maintaining the stablecoin’s US dollar peg.” Paxos provides “a monthly audited report of reserves in compliance with the most stringent reporting standards to ensure the security and safety of user assets.”
Yi He, Co-Founder of Binance and Head of Binance Labs, commented:
“Binance Labs is always into nurturing and making investments in promising DeFi projects. We believe that there are solutions and teams to build products that can contribute to building a trustless DeFi industry even in a turbulent market.”
Tyler Z., Investment Director at Binance, added:
“We believe this strategic investment to be an opportunity to introduce an advanced lending protocol to the BNB Chain community. We hope that Ambit Finance can bring mass adoption of DeFi, and that users on BNB Chain will be able to enjoy multiple tailored approaches to advanced lending and risk control.”
Co-Founder and CEO of Ambit Finance, Sphere CM, commented:
“The Ambit team has unprecedented experience in scaling mass-adoption protocols. The product will leverage lessons learned over the past year and make security and sustainability its governing principles. We will work closely with BNB Chain to make Ambit a cornerstone of the ecosystem’s on-chain strategy and, paired with Binance’s trusted brand and market strength, to make it a magnet for financial institutions entering the crypto space.”