eToro completes SOC 2 Type II Compliance certification

abdelaziz Fathi

Israeli social trading network eToro has successfully completed Type ll Service Organization Control (SOC 2) certification audits for security and data privacy practices.

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

Speaking of the development, eToro deputy CEO and COO Hedva Ber said: “Our clients entrust us with their money and in return we commit to having the very best systems and processes in place to safeguard both those funds and their data. Earning the SOC 2 Type II Compliance Certification highlights our dedication to the operational excellence of our custody operations, showcasing our commitment to safeguarding our clients’ data security and privacy.”

The audit was conducted by consulting firm Grant Thornton and covers the broker’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.

The regulatory stamp comes as eToro is targeting a valuation of over $3.5 billion as it mulls a listing in the United States, despite the UK being its largest market.

The broker is considering an initial public offering (IPO) in either New York or London, according to Yoni Assia, eToro’s founder and CEO. The plan comes as the platform saw a surge in retail trading, reaching levels not seen since the meme stock craze of 2021.

Assia highlighted the appeal of the US market, noting that retail investors in the UK and Germany show a strong preference for trading US stocks due to the market’s deep liquidity. However, eToro’s European and UK market focus, where nearly 70% of its revenues are generated, might influence a decision to opt for a London listing, providing a boost to a market currently facing challenges in attracting IPOs.

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