What is SOC2 Compliance?
Adekunle Joshua
Trust in the crypto space has been damaged by global incidents, but some aim to regain it through processes that ensure compliance with business standards and data handling
Firms are announcing their compliance with the SOC 2 Type 2 audit, a security and data-handling certification
SOC 2 audits help crypto companies demonstrate trust and transparency, especially regarding customer data and asset protection
It addresses concerns arising from control issues at exchanges in the past year
Successful SOC 2 audits indicate data and system security, including protection over customer funds. This reassures customers and government agencies.
It offers comfort to users and interested parties by confirming the presence and effectiveness of controls
Several prominent crypto companies, such as Nexo and crypto.com, have passed the SOC 2 audit