Monday, June 17, 2024
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HomeDigital AssetsCrypto.com completes SOC 2 Type II Compliance
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Crypto.com completes SOC 2 Type II Compliance

A vital industry-standard, SOC 2 compliance measures the security, availability, processing integrity, confidentiality, and privacy of customer data across solutions. The certification assures Crypto.com’s ability to not only implement critical security policies but also prove compliance over an extended period.

The audit was conducted by consulting firm Deloitte, affirming that Crypto.com’s information security practices, policies, procedures, and operations adhere to AICPA trust services criteria in security, confidentiality, processing integrity, and privacy.

SOC 2, defined by the American Institute of Certified Public Accountants (AICPA), consists of a series of auditing measures to ensure that service providers securely manage user data and privacy. It goes to further verify the commitment Crypto.com is making to ensure that their business operations and procedures are at the highest level of security, trust, and transparency.

Speaking of the development, Crypto.com Co-Founder and CEO Kris Marszalek said: “I am extremely proud of our commitment to compliance, and this latest achievement is a testament to our security, privacy, and regulatory compliance capabilities which have been cornerstones of our business since day one. We will continue investing aggressively in building a most trusted platform for our users that maintains the highest standards of security and privacy in the industry.”

“Achieving SOC 2 Type II certification is yet another step in reinforcing Crypto.com’s continuous commitment to security and data privacy by design. With the ever-evolving threat landscape, we will continue to ensure we maintain the highest level of security and data privacy so our customers can feel confident and trust our products. SOC 2 is an internationally respected security assessment criteria, and in line with highly regulated industries like the financial sector,” added Jason Lau, Chief Information Security Officer of Crypto.com.

Crypto.com, which claims 50 million users worldwide, regularly ranks in the top five global exchanges by spot volume and says its matching engine supports 2.7 million transactions per second with 50 microsecond core latency.

As ambitious as it may sound, Crypto.com has secured regulatory nods in multiple jurisdictions. Most recently, the firm received the FCA’s go-ahead to launch its services in the UK.

The regulatory stamp comes a few weeks after Crypto.com gained approvals in South Korea, Italy and Cyprus to act as a provider of virtual currency and digital wallet services. The European licensing requires the firm to adhere to strict financial standards under the MiFID II framework, including the segregation and protection of client funds, full transparency of its business operations and capital adequacy controls.

 

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