USDT stablecoin provider Tether successfully completed the SOC2 audit, showcasing its dedication to safeguarding customer data through stringent measures.

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

The audit also ensures that Tether maintains a secure network that efficiently addresses issues, processes data accurately and promptly, restricts data access to authorized personnel, and responsibly manages personal information.

Tether has been facing increased regulatory scrutiny, especially with the upcoming adoption of MiCA by the EU, which imposes strict regulations on stablecoin offerings. In response, OKX has delisted all USDT trading pairs in the region. Additionally, in February, executives from Coinbase and Circle raised concerns about Tether, urging the U.S. government to take legal action against the leading stablecoin provider.

Despite these challenges, Tether has been actively asserting its compliance with security and anti-money laundering regulations. In a recent move, the network blocked $1.4 million USDT linked to tech scams in the United States.

By achieving SOC2 compliance, Tether demonstrates that it has robust IT controls in place to safeguard systems and data. The company has committed to undergoing this audit on an annual basis to ensure ongoing compliance.

In a related development, Tether has added 8,888 Bitcoins to its reserves, now holding more than 75,000 Bitcoins.

Post Views: 3