Custodia Bank is pleased to have achieved the System and Organization Controls (SOC) 2 Type II audit, showcasing their ongoing commitment to safeguarding data.
According to the update shared by Custodia Bank, this certification reflects their dedication and sharp focus on maintaining the “highest standards of security, availability, and confidentiality.”
At Custodia, protecting their customers’ data is reportedly a key priority, and this accomplishment “validates that commitment.”
Caitlin Long, CEO of Custodia said:
“It is unusual for banks in the U.S. to obtain SOC 2 certifications, which Custodia has done, and only a small number of U.S. banks typically seek them. But as the ‘gold standard’ for technology companies’ security controls, SOC 2 Type II certifications are critical for serving the most tech-forward clients. Custodia is proud to have obtained both the Type I and Type II certifications.”
As covered, Custodia Bank, Inc. is a Wyoming bank formed to serve as a compliant bridge “to the U.S. dollar payments system and a custodian of digital assets that can meet the strictest level of institutional custody standards.”
Custodia explained that it is required to fully “comply with all applicable laws and regulations, including the Bank Secrecy Act and federal ‘know your customer,’ anti-money laundering and related laws and regulations.”
Custodia will also comply with Wyoming’s special purpose depository institution and digital asset laws, which include “requirements that fiat deposits be 100% reserved and that Custodia meet the strictest investor protections in the digital asset industry.”
As reported in November 2024, Custodia Bank’s Board of Directors have reportedly voted to further reduce operations and “preserve” capital in anticipation of “major” crypto policy reforms from the incoming administration in Washington, D.C.
Custodia Bank noted that by taking this step ahead of the projected turn in U.S. crypto policy, Custodia still “preserves” its bank charter, its API-based real-time payments as well as Bitcoin custody platforms, its patent on bank-issued stablecoins and its “clean compliance” and operating record.
Caitlin Long, founder and CEO of Custodia Bank said that she is quite pleased with the Custodia team, the services they’re building for their customers, and their resilience in the “face of repeated debankings due to no fault of our own.”
Long added that she especially thanks Custodia’s customers and shareholders who have helped them “continue the fight for durability of banking access for the law-abiding U.S. crypto industry.”
