Trading and investing platform eToro has achieved SOC 2 Type II compliance for its cryptoasset custody services. The certification follows an independent audit assessing the company’s security controls over an extended period.

eToro Achieves SOC 2 Type II Certification

"Achieving the SOC 2 Type II compliance certification once again underscores our commitment to operational excellence in crypto custody," Hedva Ber, Deputy CEO and COO at eToro said.

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

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

In the US, eToro Group has filed a draft Registration Statement on Form F-1 with the SEC for its planned IPO of ordinary shares. The number of shares and price range have not been disclosed, as reported by Finance Magnates.

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

Grant Thornton Audits eToro’s Crypto Custody

The audit was conducted by Grant Thornton, which examined eToro’s controls from July 1, 2023, to August 30, 2024. The firm issued an unqualified opinion, indicating that eToro’s security measures were effectively designed and operating throughout the review period. This certification affirms that the company has maintained the required security and 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 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 Read this Term standards for its crypto custody operations.

"eToro clients entrust us with their funds, and in turn we implement and maintain the highest standards for the systems and processes throughout our operations. This certification validates our dedication to safeguarding our customers’ cryptoassets with robust security controls and industry best practices," Ber added.