Crypto.com’s native token, CRO is outperforming several competitors in the market with its consistent hikes. The confidence in this rapidly growing token has increased yet again with Crypto.com achieving the Service Organization Control (SOC) 2 Audit’s compliance, conducted by globally recognized audit and consulting firm, Deloitte. The exchange platform is now aiming towards entering the mainstream with its newly acquired common standard of security certification in the traditional financial industry.

This certification assures that Crypto.com’s “information security practices, policies, procedures, and operations meet the SOC 2 standards for security, availability, confidentiality, and privacy”. Furthermore, SOC 2 ascertains the establishment of internal controls required to meet security principles, and security control confirmation is crucial for organizations operating in highly regulated industries.

“I am extremely proud of our SOC 2 compliance and shows our commitment to security, privacy, and regulatory compliance which have been cornerstones of our business since day one…Having recently surpassed 10 million users, we will continue investing aggressively in building a trusted platform for our users that maintains the highest standards of security and privacy in the industry.” said Kris Marszalek, Co-Founder and CEO of Crypto.com.

Earlier today, according to CoinGape’s analysis, CRO’s rally over the last three weeks has further resulted in an overall hike of 346% over the last one month. Additionally, according to last week’s updates from Fortune, Crypto.com had partnered with downtown Los Angeles to become the title sponsor replacing Staples. This has been termed as the most distinguished partnership the Singapore-based crypto exchange has entered into.

Crypto.com May take Binance’s Place

While the comparatively new player like Crypto.com is touching record highs and making history, the world’s largest crypto exchange, Binance continues to struggle with becoming centralized given regulatory pressure. After suffering the wrath of regulators from across the world, Binance was forced to announce compliance, however, it did not sit well with the crypto community.

Binance has already been criticized in the past, when it was absolutely decentralized, for freezing the platform during hikes, and yesterday itself even after its centralized approach, Binance faced backlash from Elon Musk for the platform’s Dogecoin freeze. Musk was referring to Binance’s a 2-week withdrawal freeze for the meme currency after a software glitch in the exchange platform executed a large number of Doge transactions from a year ago. The Twitter debate went on for an entire day, at last resulting in both parties making peace with technical issues. Nevertheless, Binance continues to remain a target for both, centralized and decentralized entities.

About Author

Palak Malhotra

Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0