Bitfinex Achieves SOC 2 Type 2 Security Compliance, Setting Industry Gold Standard

Bitfinex achieves SOC 2 Type 2 security compliance, establishing industry gold standard

Road Town, British Virgin Islands, January 30, 2024 – Bitfinex, a leading digital token trading platform, proudly announces passing the Systems and Organizational Control (SOC) 2 Type 2 Audit exam, reinforcing its commitment to security and information integrity. Developed by the American Institute of Certified Public Accountants (AICPA), the SOC 2 certification is widely recognized as the gold standard for security compliance.

One year after achieving the SOC 2 Type 1 standard, a Type 2 audit provides a broader and more comprehensive review of your security infrastructure, including security, availability, confidentiality, privacy, and processing integrity across all aspects of operations. An evaluation will take place. This achievement highlights Bitfinex’s commitment to maintaining the highest standards of information security in the industry.

SOC 2 Type 2 reporting means implementing rigorous policies and procedures that comply with AICPA Trust Services Standards. It also verifies the existence of internal controls designed to meet strict security principles. This independent verification of security controls is essential for companies operating in highly regulated industries.

“Achieving SOC 2 compliance is a notable achievement and strengthens Bitfinex’s commitment to security.” Paolo Ardoino, Chief Technology Officer at Bitfinex, said: “We will continue to maintain the highest level of security. SOC 2 is an internationally recognized security assessment standard and is a standard that is maintained in highly regulated industries such as the financial services sector. It matches the standard.”

Bitfinex is committed to maintaining these high standards and undergoes an annual SOC 2 Type 2 inspection to ensure that its operations and security practices are consistently performed and trusted.

The key “Trust Service Principles” for SOC 2 certification include:

Security: Measures such as firewalls, intrusion detection, and enhanced authentication protocols have been implemented to protect customer data.

Availability: Ensure a reliable and active network while improving problem resolution efficiency.

Confidentiality: Focuses on encrypting data transmission and restricting access and disclosure of data to authorized individuals or organizations.

Privacy: This principle ensures that personal information is collected, used, retained, disclosed, and disposed of in accordance with the commitments in the company’s privacy notice. In the context of Bitfinex, this means that customer information, such as personally identifying data and transaction history, is managed in a way that respects and protects the privacy rights of individuals. Measures may include data minimization practices, privacy policies that comply with data protection regulations such as GDPR, and procedures for dealing with privacy-related inquiries and complaints.

Processing integrity: This principle focuses on whether the system achieves its objectives (i.e., provides the right data at the right price and at the right time). For Bitfinex, this includes ensuring that transactions are accurate, timely, approved, and fully processed. It is important that the systems used to execute and record transactions function properly. This includes maintaining the accuracy and effectiveness of trading activity, ensuring system functionality is in line with its intended use, and ensuring that processing errors are quickly identified and corrected. included.

“When customers choose a digital token exchange, the most common and important concern is around information security.” Riccardo Massutti of Security Consultant Services at Bitfinex said:. “SOC 2 Type 2 compliance serves as an industry benchmark and provides a high level of assurance regarding information security.”

Bitfinex is known for its comprehensive platform offering services such as spot and margin trading, staking, borrowing, and funding services, and continues to prioritize security to provide traders with a reliable trading environment .

For more information about Bitfinex and its services, please visit www.bitfinex.com.

*All customers of www.bitfinex.com are subject to Bitfinex’s Terms of Service (“TOS”). U.S. Persons (as defined in the TOS) and other prohibited persons (as defined in the TOS) are strictly prohibited from maintaining, owning, or operating, directly or indirectly, any Account (as defined in the TOS) on www. Please note that bitfinex.com.

About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform that provides cutting-edge services to digital token traders and global liquidity providers. Bitfinex offers a suite of advanced trading features and charting tools, as well as access to peer-to-peer financing, OTC markets, and finance trading for a wide range of digital assets. Bitfinex’s strategy is focused on providing unparalleled support, tools and innovation to experienced traders and liquidity providers around the world. For more information, please visit www.bitfinex.com.

Bitfinex Media Contact

[email protected]

Related Article

0 Comments

Leave a Comment