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Bithumb Granted Korean ISMS Certification, Goes for Complying with Global Security Standards

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Fri, 01/11/2019 - 10:04
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Yuri Molchan
A large South Korean crypto trading company Bithumb has been certified by KISA, showing high profits of the exchange and popularity among customers
Bithumb Granted Korean ISMS Certification, Goes for Complying with Global Security Standards
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In a recent tweet, the South Korean crypto exchange Bithumb announced that it has recently received the ISMS – Information Security Management System – certification. This procedure is performed by a local regulator KISA – Korea Internet & Security Agency.

What is ISMS?

This is the most crucial certification system regarding information security management in South Korea. The procedure consists of 12 items on 5 stages, as well as 92 items from 13 areas which are connected to data security.

The obligation to receive this certification was introduced last year by authorities of South Korea regarding crypto exchanging platforms whose income exceeds $8.99 mln (around 10 bln KRW) and that are visited by over 1 mln users on a daily basis. The time given for the receiving of ISMS is three months. Now, Bithumb has taken this milestone.

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Bithumb to obtain international security certifications

Apart from the ISMS certification, Bithumb is seeking to obtain other security certificates, this time of a global standard. Presently, Bithumb is working to receive ISO27001. This an ISMS standard used internationally, as well as BS10012 – that is a global certification for personal ISMS.

The exchange intends to set up the most reliable system of security for crypto traders and investors in order to land more clients to its platform. Apparently, the ultimate goal is to become the leader of the crypto trading market – the title, which is currently, as many in the cryptocurrency sphere suggest, is held by Binance.

Not the first exchange to get ISMS

In November 2018, the ISMS certification was granted to the Upbit crypto exchange. It was the first one of the four largest South Korean exchanges to receive ISMS. Now Bithumb has followed it.

The other two biggest local crypto exchanges, Coinone and Korbit, are also waiting to be certified.  

Bithumb goes for China

Earlier, U.Today reported that Bithumb had set up an account on a large Chinese social network Weibo, a local version of Twitter. Thus, Bithumb intends to attract investors from the Chinese crypto community.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.