Cointime staff: Coinbase Prime has received two System and Organization Control (SOC) attestation reports that verify that an organization follows industry best practices. SOC 1 examines internal controls over financial reporting,  SOC 2 looks at controls based on AICPA's trust principles.

Coinbase, Inc. completes initial Prime Broker (Prime) SOC 1 and SOC 2, Type 2 reports

We’re pleased to announce that we’ve completed Coinbase, Inc.’s first-ever Prime Broker (Prime) SOC 1 and SOC 2, Type 2 reports, in addition to the annual Custody SOC 1 and SOC 2, Type 2 reports.

Since our founding in 2012, Coinbase has prided itself on “building trust through compliance.” This ethos impacts everything we do and each service we provide. Compliance is central to our mission of creating an open financial system for the world.

Today, we are excited to share that Coinbase, Inc. recently completed the SOC 1 Type 2 (“SOC 1”) and SOC 2 Type 2 (“SOC 2”) examinations for our prime broker, Coinbase Prime.

SOC reports are industry standard certifications governed by the American Institute of Certified Public Accountants (AICPA). They provide assurance to user entities and their auditors regarding the processes and strength of controls put into place by a service organization to protect their client’s assets — in most cases, relating to data and funds.

These two certifications highlight the procedures and security we have in place to provide a world-class experience on our prime brokerage platform. Furthermore, they reinforce that Coinbase Prime’s system requirements, service commitments, and data protection safeguards meet the rigorous standards necessary to provide the safest prime brokerage solution in the crypto ecosystem.

It is rare for digital assets service providers to complete SOC 1 and SOC 2 examinations, not only because of the painstaking diligence required, but also because of the time commitment these examinations necessitate. Nonetheless, we chose to pursue this endeavor for the benefit of our clients. As a prime broker to the world’s leading institutional investors, we believe it is our duty to maintain the highest standards of security and risk management.

This is yet another milestone demonstrating our commitment to being the world’s most trusted and compliant prime broker for digital assets. As we move forward, we 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 us as the largest and most trusted leader in the space.