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