Cryptocurrency exchange platform Coinbase announced earlier this week that Coinbase Custody completes two System and Organization Controls (SOC) examinations. The examinations, SOC 1 Type 2 (SOC 1) and SOC 2 Type 2 (SOC 2) were done for the period of July 1, 2019 to December 31, 2019. Coinbase claims that Coinbase Custody is the first crypto custodian to attain both of these reports.
“Being the first crypto custodian to be issued both the SOC 1 Type 2 and SOC 2 Type 2 reports is yet another milestone demonstrating our commitment to being the world’s most trusted and compliant custodian of crypto assets. These reports build on our previous compliance milestones achieved independently of Grant Thornton LLP. Paired with our industry-leading, comprehensive insurance policies, these affirmations offer our clients peace of mind when it comes to the storage, accounting and compliant care of their digital assets.”
Coinbase also reported that as it move forward, it will continue to perform regular SOC 1 and SOC 2 examinations to maintain the same level of rigorous security and oversight standards that has established it as a “true institutional-grade custodian.” The platform added:
“For our clients, these reports highlight the procedures and security we have in place on our custodial platform. They reinforce that Coinbase Custody’s system requirements, service commitments, and data protection safeguards meet the rigorous standards necessary to provide a safe custody solution to our clients throughout the crypto ecosystem.”