30 Jan Bitfinex Achieves SOC 2 Type 2 Security Compliance, Setting Industry Gold Standard
in Media Releases
ROAD TOWN, British Virgin Islands, January 30, 2024 – Bitfinex, a leading digital token trading platform, proudly announces its successful completion of the System and Organisation Controls (SOC) 2 Type 2 audit examination, solidifying its commitment to security and information integrity. Developed by the American Institute of Certified Public Accountants (AICPA), SOC 2 certification is widely recognized as the gold standard in security compliance.
One year after achieving the SOC 2 Type 1 standard, the Type 2 audit provides a broader and more comprehensive evaluation of security infrastructure, including security, availability, confidentiality, privacy, and processing integrity across all facets of operations. This achievement highlights Bitfinex’s dedication to maintaining the highest standards of information security in the industry.
The SOC 2 Type 2 Report signifies the implementation of rigorous policies and procedures in accordance with AICPA Trust Services Criteria. It also validates the existence of internal controls designed to meet stringent security principles. This independent verification of security controls is essential for companies operating in highly regulated industries.
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“Achieving SOC 2 compliance is a notable achievement and reinforces Bitfinex’s commitment to security,” stated Paolo Ardoino, Chief Technology Officer of Bitfinex. “We will continue to ensure that we maintain the highest level of security. SOC 2 is an internationally respected security assessment criteria and consistent with the standards maintained in highly regulated industries such as the financial services sector.”
Bitfinex is committed to maintaining these high standards and will undergo annual SOC 2 Type 2 examinations to ensure that its operations and security practices are consistently executed and trusted.
The SOC 2 certification’s key ‘trust service principles’ include:
Security: Measures such as firewalls, intrusion detection, and enhanced authentication protocols are implemented to safeguard customer data.
Availability: Ensures a reliable and active network while addressing problem resolution efficiency.
Confidentiality: Restricts data access and disclosure to authorised individuals or organisations, with a strong emphasis on encryption for data transmission.
Privacy: This principle ensures that personal information is collected, used, retained, disclosed, and destroyed in conformity with the commitments in the entity’s privacy notice. In the context of Bitfinex, this would mean ensuring that customer information, such as personal identification data and transaction histories, is managed in a way that respects and protects individual privacy rights. Measures could include data minimization practices, privacy policies consistent with data protection regulations like GDPR, and procedures to address privacy-related inquiries and complaints.
Processing Integrity: This principle focuses on whether systems achieve their purpose (i.e., deliver the right data at the right price at the right time). For Bitfinex, this would involve ensuring that transactions are processed accurately, timely, authorised, and completely. It’s about the proper functioning of the systems used for executing and recording transactions. This includes maintaining the accuracy and validity of trading activities, ensuring system functionality aligns with its intended use, and that processing errors are identified and rectified promptly.
“When customers choose a digital token exchange, their most common and crucial concern revolves around information security,” said Riccardo Masutti, Security Consultancy Services at Bitfinex. “SOC 2 Type 2 compliance serves as the industry benchmark and provides a high level of assurance regarding information security.”
Bitfinex, known for its comprehensive platform offering services such as spot and margin trading, staking, borrowing, and capital raising services, continues to prioritise security to provide traders with a trusted and reliable trading environment.
For more information on Bitfinex and its services, please visit www.bitfinex.com.
*All customers of www.bitfinex.com are subject to Bitfinex’s terms of service (“TOS”). Please note that U.S. persons (as defined in the TOS), among other prohibited persons (as defined in the TOS), are strictly prohibited from directly or indirectly holding, owning, or operating an Account (as defined in the TOS) on www.bitfinex.com.
Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for digital token traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market, and financed trading for a wide selection of digital assets. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.
Media Contact for Bitfinex