Per a Sept. 20 – 40 press release , business advisory company Aprio confirmed BitPay’s compliance within the SOC 2, a tech audit and a requirement for expertise companies that assures the fact customers’ personal data is also kept secure and confidential.
Major cryptocurrency payment services provider BitPay has undergone a security and consequently confidentiality compliance review, the actual Service Organization Control any couple of (SOC 2).
Passing any kind of SOC 2 review mean that the firm has matched criteria set by the Area Institute of Certified Open to the public Accountants in regard to confidentiality, assurance, privacy, processing integrity so availability. Commenting on the test, Dan Schroeder, partner-in-charge of data assurance services at Aprio, said:
“After thorough review, businesses confirmed the design and application of BitPay’s payment system meets the standards set forth in SOC involving for protecting customer records data. SOC 2 reporting surely an industry best practice normal that evaluates a company’s controls relative to matters illustration securing transactional and other private customer data. ”
In mid-August, BitPay introduced completely new security measures on the company’s platform, where users have to undergo a one-time confirmation process that requires the port of data such as their Social Security number or passport number, as well as a photo ID. The measures were met with some skepticism, given the resistance progressively more in the cryptocurrency neighbourhood have toward seeing personal personal data stored in centralized troves.
SOC 2-compliant crypto and blockchain projects
Present in January, cryptocurrency replace Gemini announced that it had completed an SOC any Type 1 certification.
In April, blockchain security firm BitGo , of which last year gained an SOC 2 Type 1 certification from Deloitte, upped its procedures to conform to rule the Type 2 requirements of the same standard.
This last year, about 15 global jurisdictions, including the G7 countries, announced that they will reportedly build a system for tracking crypto transactions to prevent illicit requirements of cryptocurrencies by meeting and distributing personal personal information on individuals.