eToro (NASDAQ: ETOR) announced that it has successfully obtained SOC 2 Type II compliance certification following a comprehensive audit of its custody operations. The certification, issued by the accounting firm Grant Thornton, verifies that eToro's systems and processes adhere to rigorous industry standards, including data security, privacy, and confidentiality.

SOC 2 Type II compliance certification is an audit procedure established by the American Institute of Certified Public Accountants (AICPA) aimed at ensuring the secure management and protection of customer data by service providers, particularly applicable to technology and cloud computing companies that store sensitive customer information.

According to Hedva Ber, Deputy CEO and Chief Operating Officer of eToro: "Our customers entrust their funds to us, and in return, we commit to implementing the best systems and processes to protect these funds and their data."

The audit covered the period from August 1, 2022, to June 30, 2023, during which eToro's control measures were comprehensively assessed. Its successful completion demonstrates that eToro has implemented and maintained robust measures to protect customer data, adhering to high standards of security, integrity, and confidentiality.

Just last month, Devexperts, which provides software and services to the financial industry, also announced the successful completion of a Type 2 SOC 2 audit.

Days after obtaining SOC 2 Type II certification, eToro announced the reappointment of Naomi Rarmani as Director of Compliance Operations. Previously, she served as a customer service representative at the company and accumulated years of compliance and operations management experience from positions at Rapyd and Fundbox.

Meanwhile, eToro has partnered with 21Shares, a cryptocurrency exchange-traded product (ETP) issuer, to launch a new investment portfolio committed to data-driven cryptocurrency investments.

As a platform with registered users covering over 100 countries and exceeding 35 million, eToro's SOC 2 Type II compliance certification achievement marks a significant milestone in the financial technology industry. The certification not only reinforces eToro's position as a trusted partner for traders and investors but also sets standards for data security and privacy for other companies in the industry.