Sadly, the crypto industry has been prey to various scams and hacks. While most exploits lead to monetary loss, others have focused on stealing data. Binance, for instance, underwent a massive hack that gave ill doers the possession of over 10,000 personal photos from the firm’s KYC data. To avoid any such occurrences, prominent crypto exchange, Crypto.com went on to complete the Service Organization Control (SOC) 2 Type II Compliance audit.
It should be noted that the SOC 2 Type II report highlights how a firm safeguards its customer data while evaluating how those controls operate. Deloitte reportedly carried out Crypto.com’s audit. With this, the exchange’s internal rules have been formulated, implemented, and used effectively to stay at par with the standard security practices.
Elaborating on the same, Jason Lau, Chief Information Security Officer of Crypto.com, noted that the latest certification boosted its security and data privacy design. He added,
“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.”
It should be noted that Gemini was one of the first crypto exchanges to complete the SOC 2 Type I and SOC 2 Type II examination.
Will Crypto.com outshine Binance, Coinbase and others?
Crypto.com has been under the crypto spotlight despite the onset of the bears. The exchange has been on an expansion spree. Over the last couple of months alone, the firm went on to bag several licenses across the globe. Singapore has been quite stringent in giving out green signals to crypto projects, particularly after the downfall of Terra. Crypto.com, however, managed to bag its approval.
While the firm has been focusing on expansion, SOC 2 Type II certification is an added advantage. Kris Marszalek, CEO of Crypto.com stated,
“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.”