BitPay’s Pristine Data Security Standards Reflected in Completion of SOC 2 Compliance Review 

Bitpay, a leading United States-based bitcoin (BTC) payments processor, has announced the successful completion of its Service Organization Control 2 (SOC 2) review carried out by Aprio, an award-winning CPA-led business advisory firm based in Atlanta Georgia, according to a press release on October 30, 2019.

BitPay Bags SOC 2 Review 

As stated in its press release, Bitpay, a popular bitcoin payment processor has achieved a significant milestone in its 8-year journey by completing a SOC 2 review from a highly reputed independent auditing firm, Aprio.

For the uninitiated, a SOC 2 review is simply an auditing procedure conducted to ascertain whether a service provider manages the data of its customers in a secure manner, to protect the privacy of clients and the interest of the organization.

Notably, SOC 2 sets policies, procedures, and practices for the integrity, security, availability, processing, integrity, and privacy of customer information. 

With the firm’s successful completion of the SOC 2 audit, BitPay’s numerous customers from across the globe are rest assured, knowing fully well that the company’s processes meet the standards of the American Institute of Certified Public Accountants (AICPA).

Commenting on the development, Dan Schroeder, Partner in Charge of Information Assurance Services at Aprio, noted that the agency has carefully reviewed BitPay’s processes and found it robust and watertight.

“After an extensive review, we have confirmed that the design and application of BitPay’s payment system meet the standards set forth in SOC 2 for protecting customer data. SOC 2 reporting is an industry best practice standard that evaluates a company’s controls concerning matters such as securing transactional and other sensitive customer data.”

BitPay Controversies

Whilst BitPay remains one of the firms working hard to promote broader adoption of cryptoassets and the underlying distributed ledger technology (DLT), BitPay has been criticized by a section of the crypto community recently, for alleged wrongdoing.

Earlier in August reports emerged that BitPay had rejected a $100k donation a donor tried sending to Amazon Watch, a charity organization dedicated to protecting the rainforest and the world’s climate by supporting indigenous people and protecting the Amazon.