Crypto.com Completed the SOC 2 Type II Compliance Audit, Carried by Deloitte

Crypto.com announced it has completed the compliance audit for Service Organization Control (SOC) 2 Type II. The audit was independently carried by Deloitte.

SOC Type 2 as opposed to SOC Type 1 carries includes a long-term analysis of the company’s security, design and safeguards over an extended period of time.

It also provides assurance to both existing and future customers that their data is safe.

On 17 August 2022 Crypto.com announced it has gained an approval from the FCA to operate as a cryptoasset business. The approval is allowing the company to offer its products and services to UK customers.

Officials’ Remarks

Kris Marszalek, CEO of Crypto.com was pleased with the audit: “I am extremely proud of our commitment to compliance
Compliance

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a…