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Tether achieves SOC 2 security compliance, sets annual audit goal

source-logo  crypto.news  + 3 more 01 April 2024 14:34, UTC

USDT stablecoin provider Tether passed the SOC2 audit, demonstrating its ability to secure customer data with strict measures.

The System Organization Control (SOC) 2 Audit Type 1 assesses a firm’s ability to manage customer data based on five crucial trust service principles: security, availability, processing integrity, confidentiality, and privacy.

The audit also ensures Tether maintains a reliable network that efficiently resolves issues, processes data accurately and timely, limits data access to authorized individuals, and responsibly manages personal information.

Tether Announces Completion of System Organization Control (SOC) 2 Type 1 Audithttps://t.co/jIbrdx30wh

— Tether (@Tether_to) April 1, 2024
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The USDT provider has been under significant regulatory scrutiny recently. As the EU is set to adopt MiCA, which strictly regulates stablecoin offerings, OKX delisted all USDT trading pairs in the region. In February, Coinbase and Circle executives criticized Tether, calling for the U.S. government to take legal action against the largest stablecoin provider.

However, Tether has been actively advocating for its strict compliance with security and anti-money laundering laws. Last month, the network blocked $1.4 million USDT related to tech scams in the United States.

Achieving SOC2 compliance confirms that the company has effective IT controls for protecting systems and data. The network has also committed to undergo this audit annually.

Read more: Tether adds 8,888 Bitcoins to its reserves, holding more than 75K Bitcoin


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