Digital Asset Firm Okcoin Completes SOC 2 Type 1 Audit, Ensuring Platform Security

Digital asset firm Okcoin has successfully completed a security audit. This milestone is just another step in their journey of offering their customers the “safest” crypto experience in the industry, the firm claims.

As noted in the update, Okcoin has successfully completed the Service Organization Control (SOC) 2 Type I Compliance audit. This audit was “conducted by the CPA firm Grant Thornton and confirms that [their] approach to information security adheres to the high standards set by the AICPA Trust Services.”

According to Okcoin, this key milestone is another step in their journey of offering their customers a secure digital asset trading experience.

As explained in a blog post, a SOC 2 Type I compliance audit was performed because it confirms that they “operate with high standards of security and privacy.”

As mentioned in the announcement, the audit was “conducted by the CPA firm Grant Thornton and, for those who don’t know, a SOC 2 Type 1 audit is an audit that reviews, at a given point in time, the control environment a company has developed.”

In simple terms, the auditors “looked at [their] information security processes, checked them against the AICPA Trust Services criteria, and confirmed [they] have a robust design of internal controls to enforce best-in-class security practices.”

The team at Okcoin pointed out that “a successful SOC 2 Type 1 audit is also the first step towards… a SOC Type 2 audit.” A SOC 2 Type 2 audit is also “an audit designed to review the effectiveness of a company’s controls themselves, but this time over a period of time – usually 6 or 12 months.” The company added that they are “aiming to successfully complete the SOC 2 Type 2 audit in 2023, along with other security certifications.”

Okcoin’s management added:

“Our commitment to our customers is to always adapt to new threats and attack vectors and offer the safest experience in the industry. That means considering security not as one feature among others but as a foundation on which others stand. For the entire crypto experience to feel right, we must put security first.”

They also mentioned:

“That’s why, beyond the specifics of the SOC 2 audits, we also conduct annual penetration testing and disaster recovery exercises, and have developed a bug bounty program. Our aim is to offer our customers the same level of security they can enjoy in the traditional trading environment . Here’s to building the best of both worlds.”

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