Crypto ECN operator Finery Markets announced on Thursday that it has successfully completed its System and Organization Controls (SOC) 2 Type 2 examination.
An SOC 2 Type 2 examination is an audit, backed by the American Institute of Certified Public Accountants, that is supposed to provide confirmation about the operational standards within a firm.
Finery Markets had already passed the Type 1 examination, which assesses the internal systems a company uses and their suitability for its business model.
The second examination is about the efficacy of those systems.
For Finery Markets specifically, the exam is likely to relate to how it facilitates trades and other data privacy factors. That is probably in part to prevent information leakage to the market about trading strategies and also to simply know that trading on Finery Markets is secure.
“At Finery Markets, we’re committed to not compromising quality while remaining innovative and flexible,” said Ilya Drozdov, Co-Founder of Finery Markets. “Achieving SOC 2 Type 2 compliance reflects months of rigorous evaluation of our policies, procedures, and systems.
“We believe such diligence is necessary to prove that, despite our startup mindset and inventive culture, we can provide peace of mind to our growing network of institutional partners.”