The trading and investment platform eToro announced today (Monday) that it has successfully achieved the SOC 2 Type II Compliance Certification following a comprehensive audit of its custody operations.

The certification, issued by the accounting firm Grant Thornton, verifies that eToro's systems and processes meet stringent industry standards for data security, privacy, and confidentiality.

eToro Achieves SOC 2 Type II Certification for Enhanced Data Security

The SOC 2 Type II 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 Certification is an auditing procedure developed by the American Institute of CPAs (AICPA) to ensure that service providers securely manage and protect client data. The certification is particularly relevant for technology and cloud computing companies that store sensitive customer information.

According to eToro's Deputy CEO and COO, Hedva Ber, the achievement of this certification demonstrates the company's strong commitment to safeguarding its clients' funds and data.

“Our clients entrust us with their money and in return, we commit to having the very best systems and processes in place to safeguard both those funds and their data,” Ber stated

The audit, which covered the period from 1 August 2022 to 30 June 2023, involved a thorough evaluation of eToro's controls and safeguards. Its successful completion indicates that eToro has implemented and maintained robust measures to protect client data, adhering to high standards of security, integrity, and confidentiality.

Last month, Devexperts, a provider of software and services for the financial industry, also announced the successful completion of the Type 2 SOC 2 audit.

eToro Welcomes Back Naomi Rarmani

The acquisition of the SOC 2 Type II Certification occurred just a few days after eToro announced that they had rehired Naomi Rarmani as the Head of Compliance Operations. Previously, she had worked for the company as a Customer Care Representative, gaining years of compliance and operational management experience from roles at Rapyd and Fundbox.

In the meantime, eToro has partnered with 21Shares, the issuer of crypto exchange-traded products (ETPs), to introduce a new investment portfolio that promises a data-driven approach to crypto investing.

As a platform serving over 35 million registered users across more than 100 countries, eToro's SOC 2 Type II Compliance Certification achievement is a significant milestone in the financial technology industry. The certification not only reinforces eToro's position as a trusted and reliable partner for traders and investors but also sets a benchmark for other companies in the sector to prioritize data security and privacy.