eToro Completes SOC 2 Type II Audit for Cryptoasset Security and Compliance ⋅ Crypto World Echo

Trading and investing platform eToro has achieved SOC 2 TypeII compliance for its cryptoasset custody services. The certification followsan independent audit assessing the company’s security controls over an extendedperiod.

eToro Achieves SOC 2 Type II Certification

“Achieving the SOC 2 Type II compliance certificationonce again underscores our commitment to operational excellence in cryptocustody,” Hedva Ber, Deputy CEO and COO at eToro said.

SOC 2 Type II is a compliance framework developed by theAmerican Institute of CPAs (AICPA). It evaluates a service provider’s abilityto protect sensitive data based on five trust service criteria: security,availability, processing integrity, confidentiality, and privacy.

According to the firms, the certification process involvesan in-depth review of an organization’s systems and operational practices todetermine whether they meet established security standards.

In the US, eToroGroup has filed a draft Registration Statement on Form F-1 with the SEC forits planned IPO of ordinary shares. The number of shares and price range havenot been disclosed, as reported by FinanceMagnates.

The IPO will proceed once the SEC completes its review,subject to market conditions. eToro has not provided a timeline. In accordancewith Rule 135 of the Securities Act of 1933, the company clarified that therelease does not constitute an offer to sell or solicit offers to buysecurities.

Grant Thornton Audits eToro’s Crypto Custody

The audit was conducted by Grant Thornton, which examinedeToro’s controls from July 1, 2023, to August 30, 2024. The firm issued anunqualified opinion, indicating that eToro’s security measures were effectivelydesigned and operating throughout the review period. This certification affirmsthat the company has maintained the required security and compliance standardsfor its crypto custody operations.

“eToro clients entrust us with their funds, and in turnwe implement and maintain the highest standards for the systems and processesthroughout our operations. This certification validates our dedication tosafeguarding our customers’ cryptoassets with robust security controls andindustry best practices,” Ber added.

This article was written by Tareq Sikder at www.financemagnates.com.