Efficient computation of the modular exponentiations is very important and useful for public-key cryptosystems. In this paper, an efficient parallel binary exponentiation algorithm is proposed which based on the Montgomery multiplication algorithm, the signed-digit-folding (SDF) and common-multiplicand-multiplicand (CMM) techniques. By using the CMM technique of computing the common part from two modular multiplications, the same common part in two modular multiplications can be computed once rather twice, we can thus improve the efficiency of the binary exponentiation algorithm by decreasing the number of modular multiplications. By dividing the bit pattern of the minimal-signed-digit recoding exponent into three equal length parts and using the technique of recording the common parts in the folded substrings, the proposed SDF-CMM algorithm can improve the efficiency of the binary algorithm, thus can further decrease the computational complexity of modular exponentiation. Furthermore, by using the proposed parallel SDF-CMM Montgomery binary exponentiation algorithm, on average the total number of single-precision multiplications can be reduced by about 61.3% and 74.1% as compared with Chang-Kuo-Lin's CMM modular exponentiation algorithm and Ha-Moon's CMM Montgomery modular exponentiation algorithm, respectively.