BingX Achieves PCI DSS Certification: A Leap Forward in Crypto Exchange Security
In a significant stride towards enhancing payment security within the cryptocurrency sphere, BingX, a leading crypto exchange celebrated for its Web3 features, has secured the Payment Card Industry Data Security Standard (PCI DSS) certification. This achievement distinguishes BingX as one of the first crypto exchanges to incorporate this certification for managing fiat payments, setting a new industry standard.
Understanding the PCI DSS Certification
The PCI DSS v4.0.1 certification is an internationally recognized security standard, governed by the PCI Security Standards Council. This body, established by major credit card companies including Visa, Mastercard, American Express, Discover, and JCB, outlines stringent requirements to safeguard sensitive payment data. By obtaining this certification, BingX has reinforced its commitment to ensuring the security of its users’ transactions.
With an impressive $1.8 billion in daily trading volume, BingX stands out as a major player in the crypto market. Notably, Ethereum (ETH) activity comprises over 27% of its total swaps. Since its inception during the 2018 bull market, BingX has expanded its reach to serve over 20 million registered users, offering 318 high-confidence trading pairs and 505 lower-confidence pairs.
Enhancing Security Measures at BingX
This new certification marks BingX’s advancement in several key security areas, including network safety, vulnerability management, data protection, access control, monitoring, and information security. Such enhancements ensure that fiat deposits and card payments on the platform are secure, providing users with reliable and compliant payment channels.
Daniel Lai, Chief Business Officer at BingX, emphasized the importance of this milestone, stating, “Security has always been at the heart of BingX‘s operations. Achieving PCI DSS v4.0.1 certification is more than a compliance milestone; it is a commitment to our users that every transaction is handled with the highest global security standards.” He further added, “As digital asset and fiat rails converge, safeguarding users through rigorous protections is not optional – it is core to our mission at BingX.”
In addition to PCI DSS certification, BingX complies with general anti-money-laundering requirements and regularly publishes Proof of Reserves based on its own estimation, though without third-party monitoring. Its long-standing history and significant trading volumes have earned it a 9/10 Trust Score.
Further bolstering its security measures, BingX actively monitors for abnormal withdrawals and suspicious account activities. The exchange has established a $150 million Shield Fund for hacking and incident protection and conducts regular external audits in collaboration with leading crypto security experts.
The Future of Crypto Exchange Standards
Looking ahead, the year 2025 is expected to bring about stricter regulatory standards for crypto exchanges. However, these regulations may also offer clearer guidelines and more predictable trading environments. PCI DSS certification is anticipated to become a pivotal benchmark for exchanges, particularly those managing cardholder data directly without third-party intermediaries.
As cryptocurrency continues to gain mainstream traction, exchanges are exploring various fiat gateways, including card payments. The PCI DSS certification could emerge as a crucial requirement for market operators aiming to maintain reliability. While stablecoins are popular among seasoned crypto users, onboarding new users often hinges on the ease of card-based payments coupled with appropriate consumer protections.
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