BitPay audited for compliance with SOC-2

BitPay, a major cryptocurrency payment operator, announced the successful completion of the audit of the Organization’s Control Measures in the Service Industry (SOC-2).

According to a press release, the consulting company Aprio was involved in the audit. Compliance with the SOC-2 requirement means that BitPay customer data is stored securely and that attackers will not be able to access it. The audit analyzes the effectiveness of controls used to minimize risks in terms of security, availability, processing integrity, as well as system confidentiality and anonymity.

“After a thorough analysis, we can confirm that the principles of building the BitPay payment system and its actual implementation comply with SOC-2 standards in the field of client data protection. SOC-2 is the best industry practice that evaluates company controls on issues such as protecting transactions and other sensitive customer data, ”said Dan Schroeder, Aprio employee.

Recall that in August, the cryptocurrency operator BitPay tightened measures to identify customers. Individual users will have to go through a one-time verification procedure. At the same time, they need to confirm their identity with an identification card with a photo, passport number and social security number.

In addition, at the beginning of the year, Gemini cryptocurrency exchange also passed an audit for compliance with SOC-2 standards.