28 Oct Bitfinex Adds ‘SOC 2’ Industry Gold Standard in Security Compliance
ROAD TOWN, British Virgin Islands, October 28 2022 – Bitfinex, a state-of-the-art digital token trading platform, has successfully completed a System and Organization Controls (SOC) 2 Type 1 audit examination, a gold standard in security compliance developed by the American Institute of Certified Public Accountants (AICPA).
The successful completion of a SOC 2 Type 1 audit examination by a Certified Public Accountant (CPA) underlines Bitfinex’s status in the industry for providing an impeccable trading experience. As an exchange built on an architecture that has a proven track record of high resilience, even in the face of extreme market conditions, obtaining a SOC 2 Type 1 certification underlines the robust IT control measures that Bitfinex has in place. The certification reinforces the exchange’s reputation for upholding high standards of information security.
The SOC 2 Type 1 Report, based upon security, availability and confidentiality, demonstrates rigorous policies and procedures in accordance with the AICPA Trust Services Criteria. Furthermore, SOC 2 verifies the existence of internal controls which have been designed and implemented to meet the requirements for the security principles. This independent validation of security controls is vital for companies that operate to high standards of security in the industry.
Information security and data protection are of the utmost importance to guarding against threats such as fraud, hacking and phishing and identity theft attacks.
“Achieving SOC 2 compliance is a notable achievement and reinforces Bitfinex’s commitment to security,” said Paolo Ardoino, CTO at Bitfinex. “We will continue to ensure that we maintain the highest level of security. SOC 2 is an internationally respected security assessment criteria and consistent with the standards maintained in highly regulated industries such as the financial services sector.”
Bitfinex will complete the SOC 2 Type 2 examination on a regular basis to ensure the exchange’s operations and security practices are consistently executed and trusted and operate to high standards of security.
SOC 2’s criteria for managing customer data is based on key ‘trust service principles’, which include:
Security, with measures generally including firewalls, intrusion detection and beefed-up authentication measures for customers.
Availability, a principle generally looking at whether a network is reliably, active and how quickly problems on a platform can be resolved.
Confidentiality, a principle declaring that data access and disclosure are restricted to a specified set of persons or organisations. Encryption should play a major part and control protecting confidentiality during transmission.
“When customers are deciding which digital token exchange to use, the most common – and important question – often relates to how information is secured,” said Riccardo Masutti,
Security Consultancy Services at Bitfinex. “This is often followed by the more difficult question of how do you know. As the industry benchmark, the SOC 2 certification shows a high level of information security.”
Bitfinex is leveraging its position as a comprehensive platform for digital token trading offering a variety of services, including spot and margin trading, staking, borrowing and capital raising.
*All customers of www.bitfinex.com are subject to Bitfinex’s terms of service (“TOS”). Please note that U.S. persons (as defined in the TOS), among other prohibited persons (as defined in the TOS), are strictly prohibited from directly or indirectly holding, owning or operating an Account (as defined in the TOS) on www.bitfinex.com.
Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for digital token traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and financed trading for a wide selection of digital assets. Bitfinex’s strategy focuses on providing unparalleled support, tools and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.
Media Contact for Bitfinex:
Senior Public Relations Manager