Transak Achieves Industry-First SOC 2 Type 2 Compliance in Crypto Sector

In a landmark achievement for the cryptocurrency sector, Transak has become the first global on/off-ramp service to secure SOC 2 Type 2 compliance. The firm explained to Bitcoin.com News that the accomplishment underscores the company’s commitment to data security and customer trust, paving the way for broader Web3 industry collaborations with heavily-regulated companies worldwide.

Transak Sets Compliance Benchmark With SOC 2 Type 2 Certification

Transak detailed on Thursday that SOC 2 Type 2 compliance is crucial for crypto on-ramp providers due to their handling of sensitive personal and financial information. Transak’s successful audit demonstrates its adherence to the strictest global regulatory standards, mitigating cyber risks and ensuring user data protection.

SOC 2 Type 2 is a comprehensive certification process that evaluates an organization’s information systems relevant to security, availability, processing integrity, confidentiality, and privacy. Unlike SOC 2 Type 1, which assesses the design of controls at a specific point in time, SOC 2 Type 2 requires a more rigorous examination over a specified period, typically at least six months.

Transak told Bitcoin.com News that the certification opens new doors for collaboration between Web2 companies and the Web3 space, which has previously faced challenges due to a lack of compliance and security standards. The company believes the significance of this achievement extends beyond Transak, highlighting a key moment for the Web3 industry in establishing itself as a compliant and secure domain.

In correspondence sent to Bitcoin.com News, Sami Start, the CEO of Transak, emphasized the importance of this certification: “Successfully completing the audit process to obtain SOC 2 Type 2 compliance is another key notch in Transak’s belt, underscoring our dedication to providing the highest level of data privacy and security in the Web3 industry. It’s a milestone achievement that reaffirms our determination to ensure customers will always trust in our ability to ensure their most sensitive data is kept secure and safe.”

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