January 30th Bitfinex has set the industry standard by achieving SOC 2 Type 2 security compliance.
Road Town, British Virgin Islands, January 30, 2024 – Bitfinex, a leading digital token trading platform, is proud to announce that it has successfully completed its Systems and Organizational Controls (SOC) 2 Type 2 audit exam, solidifying its commitment to security and information integrity. SOC 2 certification, developed by the American Institute of Certified Public Accountants (AICPA), is widely recognized as the standard for security compliance.
One year after achieving SOC 2 Type 1 standards, a Type 2 audit provides a broader, more comprehensive assessment of your security infrastructure, including security, availability, confidentiality, privacy, and processing integrity across all aspects of operations. do. This achievement highlights Bitfinex’s commitment to maintaining the highest level of information security in the industry.
A SOC 2 Type 2 report indicates the implementation of rigorous policies and procedures in accordance with AICPA Trust Services Standards. We also verify the existence of internal controls designed to meet rigorous security principles. Independent verification of these 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.” Paolo Ardoino, Chief Technology Officer at Bitfinex, said: “We will continue to maintain the highest level of security. SOC 2 is an internationally recognized security assessment standard and is consistent with standards maintained in highly regulated industries such as the financial services sector.”
Bitfinex is committed to maintaining these high standards and will undergo an annual SOC 2 Type 2 inspection to ensure that our operational and security practices are consistently implemented and reliable.
The core ‘trust service principles’ of SOC 2 certification are as follows.
Security: Measures such as firewalls, intrusion detection, and enhanced authentication protocols are implemented to protect customer data.
Availability: Addresses troubleshooting efficiency while ensuring a stable and active network.
Confidentiality: Focuses on encryption for data transmission and limits data access and disclosure to authorized individuals or organizations.
Privacy: These principles ensure that personal information is collected, used, maintained, disclosed and destroyed in accordance with the commitments set forth in the company’s privacy policy. In the context of Bitfinex, this means that customer information, such as personally identifiable data and transaction history, is managed in a way that respects and protects individuals’ privacy rights. Measures may include data minimization practices, privacy policies that comply with data protection regulations such as GDPR, and procedures for handling privacy-related inquiries and complaints.
Processing Integrity: This principle focuses on whether the system achieves its purpose (i.e. providing the right data at the right time and at the right price). For Bitfinex, this includes ensuring transactions are approved and processed accurately, timely, and fully. It concerns the proper functioning of the systems used to execute and record transactions. This includes maintaining the accuracy and validity of transaction activity, ensuring system functionality is consistent with its intended use, and promptly identifying and correcting processing errors.
“The most common and important concern for customers when choosing a digital token exchange is around information security.” Riccardo Masutti, security consulting services at Bitfinex, said:. “SOC 2 Type 2 compliance serves as an industry benchmark and provides a high level of assurance regarding information security.”
Known for providing a comprehensive platform including spot and margin trading, staking, borrowing, and capital raising services, Bitfinex continues to prioritize security to provide traders with a trustworthy trading environment.
For more information about Bitfinex and its services, please visit www.bitfinex.com.
*All customers of www.bitfinex.com are subject to the Bitfinex Terms of Service (“TOS”). Among other prohibited persons (as defined in the TOS), U.S. persons (as defined in the TOS) may not access www. bitfinex.com.
Introduction to Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform that provides cutting-edge services to digital token traders and global liquidity providers. In addition to a series of advanced trading features and charting tools, Bitfinex offers peer-to-peer finance, OTC markets, and access to financial trading for a variety of digital assets. Bitfinex’s strategy is focused on providing unparalleled support, tools and innovation to skilled traders and liquidity providers around the world. For more information, please visit www.bitfinex.com.
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