Crypto-friendly Custodia Bank has achieved SOC 2 Type II compliance certification

Custodia Bank, a cryptocurrency-friendly bank based in Wyoming, has achieved a major milestone in its security controls by receiving certification as a System and Organization Controls 2 compliant bank.

On January 8, Custodia Bank Announce She achieved SOC 2 Type II, adding to her previous achievement of completing a Type I audit.

SOC 2 is a cybersecurity compliance framework by the American Institute of Certified Public Accountants that provides an audit and report on an organization’s internal security controls. The main goal is to evaluate the service provider’s ability to store and process customer data securely. It is a key certification for technology companies.

Founded by Bitcoin advocate and investor Caitlin Long, Custodia is a state-chartered bank focused on digital asset banking, payments, and custody solutions for commercial clients in the United States.

“It is unusual for banks in the US to obtain SOC 2 certifications, which Custodia did, and typically only a few US banks seek them,” said Caitlin Long, CEO of Custodia. “But as the ‘gold standard’ of security controls for technology companies, SOC 2 Type II certifications are critical to serving the most technology-advanced customers. Custodia is proud to have both Type I and Type II certifications.

Custodia Bank, which has struggled to achieve success in banking despite a challenging regulatory environment, said in its announcement that the SOC 2 Type II certification demonstrates its commitment to data security. This certification reflects the bank’s commitment to the highest standards of security, as well as its focus on availability and confidentiality.

Custodia sued the Federal Reserve in June 2022 over complaints regarding her application for a master account with the Federal Reserve Bank of Kansas City.

A master account allows banks direct access to the Federal Reserve, rather than going through an intermediary bank. Guarding He lost the initial lawsuit In March 2024, but he filed an appeal.