British exchange Netagio (which deals with bitcoin, gold, and sterling trading) reported this morning that they have attained assurance for their bitcoin storage/holdings to an international standard (ISAE 3000).
An independent review was conducted by BDO LLP, a professional services firm operating internationally, and it was found that Netagio has their stuff together, to be frank.
The ISAE 3000 standard (where ISAE stands for International Standard on Assurance Engagements) was developed by the International Auditing and Assurance Standards Board (IAASB), and the idea is to ensure quality of assurance (which goes much deeper than it sounds).
BDO LLP’s review determined that Netagio has “adequate controls in place” to achieve control procedures with relation to the storage of bitcoins. In other words, the audit determined that Netagio is safely storing user funds.
Apart from the storage of bitcoins, Netagio’s exchange platform has met the rigorous compliance requirements adhered to other financial exchanges, which is good news for its users.
“We are delighted to have our Bitcoin storage environment be positively assessed in line with the ISAE 3000 standard. This latest recognition reinforces our commitment to growing our secure, peer-to-peer exchange platform on which to trade Bitcoin, gold and sterling, and is a stepping stone towards maturity in the community of companies operating in the Bitcoin space. As the Bitcoin economy is gathering pace, with various jurisdictions considering regulatory frameworks, any steps we can take to achieve internationally recognized standards and assurances will give further credibility to Bitcoin’s place in financial and retail industries,” said Simon Hamblin, Netagio CEO.
“As a Bitcoin exchange, it’s important for Netagio to be able to assure customers that the relevant controls are in place for the Bitcoin storage environment. It is good to see Netagio leading the way for the industry by commissioning an external assurance review,” added George Quigley, Partner at BDO.