January 30 Bitfinex achieves SOC 2 Type 2 security compliance, setting the gold standard for the industry
In media releases
Road Town, British Virgin Islands, January 30, 2024 – Bitfinex, the leading digital token trading platform, proudly announces that it has successfully completed the System and Regulatory Controls (SOC) 2 Type 2 audit test, further strengthening its commitment to security and information integrity. SOC 2 certification was developed by the American Institute of Certified Public Accountants (AICPA) and is widely recognized as the gold standard in security compliance.
One year after achieving the SOC 2 Type 1 standard, the Type 2 audit provides a broader, more comprehensive assessment of the security infrastructure, including security, availability, confidentiality, privacy and processing integrity across all aspects of operations. This achievement highlights Bitfinex's dedication to maintaining the highest standards of information security in the industry.
SOC 2 Type 2 reporting indicates the implementation of strict policies and procedures in accordance with the AICPA's Trust Services Standards. It also validates that internal controls designed to meet stringent security principles are in place. This independent verification of security controls is essential for companies operating in highly regulated industries.
“Achieving SOC 2 compliance is a notable achievement and reinforces Bitfinex’s commitment to security.” This was stated by Paolo Ardoino, CTO of Bitfinex. “We will continue to ensure that the highest level of security is maintained. SOC 2 is an internationally respected security assessment standard that is consistent with applicable standards in highly regulated industries such as the financial services sector.
Bitfinex is committed to maintaining these high standards and will undergo annual SOC 2 Type 2 testing to ensure its processes and security practices are consistently implemented and reliable.
Key “Service of Trust Principles” for SOC 2 certification include:
Security: Measures such as firewalls, intrusion detection, and enhanced authentication protocols are implemented to protect customer data.
Availability: Ensures a reliable and active network while handling efficient problem solving.
Confidentiality: Restricts access to and disclosure of data to authorized individuals or organizations, with a strong emphasis on encryption of data transmission.
Privacy: This principle ensures that personal information is collected, used, retained, disclosed and destroyed in accordance with the commitments contained in the entity's privacy notice. In the context of Bitfinex, this means ensuring that customer information, such as personally identifiable data and transaction history, is managed in a way that respects and protects individual privacy rights. Measures can include data minimization practices, privacy policies compliant with data protection regulations such as the GDPR, and procedures for handling privacy-related inquiries and complaints.
Integrity of processing: This principle focuses on whether systems achieve their purpose (i.e. providing the right data at the right price at the right time). For Bitfinex, this may include ensuring that transactions are processed accurately, timely, authorized and completely. It is about the proper functioning of the systems used to execute and record transactions. This includes maintaining the accuracy and validity of trading activities, ensuring that system functions are consistent with their intended use, and promptly identifying and correcting processing errors.
“When customers choose to exchange cryptocurrencies, their most common and important concern revolves around information security.” said Riccardo Masotti, Security Consulting Services at Bitfinex. “SOC 2 Type 2 compliance is the industry standard and provides a high level of assurance regarding information security.”
Bitfinex, known for its comprehensive platform offering services such as spot trading, margin trading, staking, borrowing, and capital raising services, continues to prioritize security to provide traders with a reliable and trustworthy trading environment.
For more information about Bitfinex and its services, please visit www.bitfinex.com.
*All www.bitfinex.com customers are subject to the Bitfinex Terms of Service (“TOS”). Please note that U.S. persons (as that term is defined in the Terms of Service), among other prohibited persons (as that term is defined in the Terms of Service), are strictly prohibited from having, owning, or operating an Account (as that term is defined in the Terms of Service) on www. bitfinex.com.
About Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform that provides cutting-edge services to global token traders and liquidity providers. In addition to a range of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market, and funded 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. Visit www.bitfinex.com to learn more.
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