September 30th press release, Aprio enterprise consulting agency confirmed BitPay's compliance with SOC 2, a technical audit and a requirement for know-how corporations to make sure that prospects' private data is stored protected and confidential.
Passing a SOC 2 evaluation signifies that the corporate meets the factors of the American Institute of Licensed Public Accountants with regard to confidentiality, safety, privateness, processing integrity and availability. In response to the analysis, Dan Schroeder, liable for data safety providers at Aprio mentioned:
“After a radical evaluation, we confirmed that the design and software of the BitPay cost system meets the SOC 2 requirements for shielding buyer information. SOC 2 reporting is a greatest apply commonplace within the business that evaluates controls of an organization on points akin to securing transactional and different delicate buyer information. "
Mid-August, BitPay introduced new safety measures on its platform, the place customers must endure a one-off verification course of the place information akin to their social safety quantity or passport quantity and a photograph ID should be entered. The measures met with some skepticism, given the resistance that many within the cryptocurrency have neighborhood for seeing their private data saved in centralized troops.
SOC 2-compliant crypto and blockchain initiatives
In January, cryptocurrency trade Gemini introduced that this was the case completed a SOC 2 Kind 1 certification.
Final month, round 15 worldwide jurisdictions, together with the G7 international locations, announced that they’re allegedly creating a system for monitoring crypto transactions to forestall unlawful use of cryptocurrencies by amassing and distributing private details about people.