Netagio Becomes First UK Bitcoin Company to Meet Auditing Standard

British precious metal and bitcoin exchange Netagio has received ISAE 3000 standard certification for its bitcoin storage following a review by professional financial services firm BDO LLP.

The news makes Netagio the first UK bitcoin company to comply with ISAE 3000.

ISAE 3000 is internationally recognized by the International Auditing and Assurance Standard Board (IAASB), and assesses quality of assurance work, report verification, internal compliance, corporate governance and other areas of corporate responsibility.

Review success

The company said it underwent the review earlier this year, which included the evaluation and testing of various control procedures employed on its platform. BDO LLP found that Netagio had put in place “adequate controls” needed to achieve the review’s control objectives.

The control procedures covered by the review were in operation as of 26th May 2014. Netagio launched its exchange a few weeks later in July.

Netagio

said its bitcoin, gold and sterling exchange was designed to “meet the highest compliance requirements and standards” of other registered financial exchanges.

Strengthened commitment

The company stressed that it adheres to the European Payment Services Directive, with stringent anti-money laundering (AML) rules, diligent customer on-boarding ‘know your customer’ (KYC) checks and continuous exchange and trade monitoring surveillance.

Netagio CEO Simon Hamblin said the company is delighted to announce its positive assessment in line with the ISAE 3000 standard.

He said:

“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.”

Hamblin also said that the bitcoin economy is developing and prompting jurisdictions across the world to re-evaluate their regulatory frameworks. Any steps that can be taken to achieve internationally recognized standards will give further credibility to bitcoin in both financial and retail industries, he added.

George Quiqley, partner at BDO, said it is important for Netagio to be able to assure customers that proper controls are in place and that the company’s bitcoin storage complies with international standards.

“It is good to see Netagio leading the way for the industry by commissioning an external assurance review,” he said.

Gold bullion image via Shutterstock