Bybit Completes SOC 2 Type II Security Audit Conducted by Deloitte

Cryptocurrency exchange Bybit has successfully completed a System and Organization Controls (SOC) 2 Type II audit, providing independent verification of its security and operational safeguards. The audit was conducted by professional services firm Deloitte, according to a company announcement on Tuesday.

Audit Bolsters Security Credentials

The successful audit confirms that Bybit's security framework operated effectively over a sustained review period. Developed by the American Institute of Certified Public Accountants (AICPA), the SOC 2 standard is a globally recognized benchmark for managing and protecting sensitive customer data.

The Type II report provides a higher level of assurance than a Type I report by assessing not just the design of security controls, but their operational effectiveness over time. According to the announcement, the audit assessed Bybit's governance, technology, and processes related to its digital asset services.

Implications for Institutional and Retail Users

For cryptocurrency platforms, achieving SOC 2 compliance is a significant step toward building credibility, particularly with institutional investors who often require such attestations for due diligence and risk management. The independent verification provides a greater degree of transparency into the exchange's internal controls.

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Bybit stated the report supports its efforts in three key areas:

• Reinforcing user trust by validating its commitment to protecting sensitive information.
• Increasing transparency for partners and institutional clients evaluating the platform's risk profile.
• Upholding compliance standards through adherence to established assurance criteria.

Broader Compliance Framework

This latest achievement complements Bybit's existing security and compliance validations. The exchange also holds an ISO/IEC 27001 certification for information security management and is compliant with the Payment Card Industry Data Security Standard (PCI DSS).

Together, these certifications demonstrate a multi-faceted approach to security and operational reliability. The company noted it remains committed to maintaining these standards for its platform, which it says serves more than 80 million users worldwide.