Nexo doubles down on security: grabs two ISO certifications

abdelaziz Fathi

Crypto lender Nexo AG has secured additional security certifications, receiving the ISO 27017 and ISO 27018, alongside its existing ISO 27001 standard. Granted by multinational certification agency RINA, these certifications highlight Nexo’s efforts in enhancing its security and privacy protocols, with a greater focus on cloud-based services.

Nexo

Established in 2018, Nexo provides a range of crypto services, including trading, custody, loans, and interest-earning products.

This development comes at a time when the digital asset sector is grappling with cruical security concerns. Despite a reported 50% reduction in losses from security incidents in 2023, the industry still faced heavy losses, totaling around $1.7 billion.

Nexo’s move to acquire these certifications signals its response to the evolving security needs in the industry. The ISO 27017 certification is particularly relevant as it focuses on security in cloud environments, which has become a critical area in the crypto ecosystem. As such, this step shows Nexo’s proactive approach to addressing potential cloud computing threats.

Furthermore, the ISO 27018 certification strengthens the protection of personally identifiable information (PII) in cloud settings.

“Nexo’s integration of ISO standards for information security and privacy signifies a major step forward in our journey to set new benchmarks in digital finance,” said Nexo’s Chief Security Officer Milan Velev. “We are not just complying with international standards; we are leading by example, prioritizing our clients’ security and privacy in every aspect of our operations.”

“We are pleased to certify Nexo with the ISO 27017 and ISO 27018 standards. This partnership underlines RINA commitment to promoting advanced security measures and data protection in the innovative financial technology sector,” said Kalin Panev, Country Manager of RINA.

The acquisition of these ISO standards by Nexo comes as part of the broader industry’s efforts to protect digital asset platforms from increasing security threats and to maintain user trust in a rapidly growing market.

These certifications, along with Nexo’s completion of the SOC 2 Type 2 audit and CSA Security, Trust & Assurance Registry (STAR) Level 1 Certification, are crucial in the company’s bid to promote security and transparency in the digital assets space.

Nexo made headlines last week after filing an arbitration claim worth over $3 billion against Bulgaria. The action follows the conclusion of a Bulgarian investigation into Nexo’s activities, which involved a raid on its office and the charging of four individuals.

Represented by the US law firm Pillsbury Winthrop Shaw Pittman LLP, Nexo said that the investigation was politically motivated, leading to lost business opportunities and harm to its brand reputation.

  • Read this next

    Retail FX

    Weekly Roundup: FX prop firms switch to cTrader, who moved $1.35B BTC?

    The foreign exchange and cryptocurrency markets are always active, and this past week was no exception. Stay ahead with a selection of essential stories and updates that matter most to market participants.

    Digital Assets

    Bitcoin breaks all records with a massive $1.347 billion transaction

    This transaction has surpassed previous records, setting a new benchmark for Bitcoin trades. Before this event, the largest Bitcoin transactions included a $1.1 billion trade in April 2020 involving 161,500 BTC, and other significant transactions ranging from $491 million to $1.033 billion throughout 2019 and 2020.

    Digital Assets

    Uniswap debuts Ethereum ‘uni.eth’ subdomains

    Decentralized exchange platform Uniswap has integrated Ethereum Name Service (ENS), allowing users to create human-readable domain names and cryptocurrency wallet addresses using .eth endings.

    Web3

    Magic Square Expands with TruePNL Acquisition

    Binance’s web3 app store, Magic Square, acquired token platform TruePNL in a cash deal this week for an undisclosed sum. The deal brings TruePNL’s infrastructure (excluding branding & token) under Magic Square’s wing. Initially seeking a partnership, Magic Square opted for a full acquisition.

    Crypto Insider

    The Future of Prediction Markets? Zeitgeist Launches Decentralized Court System

    Polkadot-powered prediction market protocol Zeitgeist has announced the launch of its latest innovation: a decentralized court system.

    Digital Assets

    Crypto exchange Kraken fires back at SEC lawsuit, claiming overreach

    Crypto exchange Kraken is pushing back against the U.S. Securities and Exchange Commission (SEC), seeking to toss out a lawsuit that accused the platform of operating without proper registration.

    Industry News

    Exness Named a Best Place to Work in 2024

     Global leader Exness, tops in retail trading volume, earns 2024 “Best Place to Work” award, cementing its employee-centric culture after three prior years of winning the Cyprus national title.

    Digital Assets

    Swan Bitcoin taps Bakkt for crypto offering in the US

    “We are thrilled to be taking this exciting step forward in our partnership with Swan. This is just the beginning of our collaboration, as we intend to explore further growth opportunities together in the future, including expansion into international markets.”

    Digital Assets

    Polkadot Awards Bifrost a 500,000 DOT Loan to Enhance Liquid Staking Adoption

    Bifrost, a leader in liquid staking solutions, has secured a 500,000 DOT loan from Polkadot’s treasury to expand the reach and utility of its vDOT product within the ecosystem.

    <