A trading and investing platform has achieved SOC 2 Type II compliance for its cryptoasset custody services, demonstrating a strong commitment to operational excellence in this area. This certification comes after an extensive independent audit that evaluated the company’s security controls and systems over a significant period.
SOC 2 Type II is a compliance framework created by the American Institute of CPAs (AICPA). It assesses a service provider’s ability to safeguard sensitive data against five key trust service criteria: security, availability, processing integrity, confidentiality, and privacy. The certification process entails a thorough examination of an organization’s operational practices and systems to verify if they meet the stipulated security standards.
In recent developments, the firm has filed a draft Registration Statement on Form F-1 with the SEC as part of its preparations for an initial public offering (IPO) of ordinary shares. While the specifics regarding the number of shares and their pricing remain undisclosed, the IPO will move forward contingent on the SEC’s review and prevailing market conditions.
The compliance verification was conducted by Grant Thornton, an independent audit firm. This audit scrutinized the organization’s control measures from early July 2023 to late August 2024. Grant Thornton’s unqualified opinion signifies that the firm’s security protocols were effectively designed and functioned properly throughout the duration of the audit. This certification reaffirms the company’s adherence to the necessary security and compliance standards regarding its crypto custody operations.
The management emphasized that they take their clients’ trust seriously and maintain high standards for their systems and processes. The accomplishment of SOC 2 Type II compliance underscores the organization’s ongoing commitment to protecting clients’ crypto assets with robust security controls and adherence to best industry practices.
By achieving this certification, the organization reinforces its promise to uphold the highest levels of security in managing clients’ digital assets. The emphasis on compliance signifies an important step in meeting regulatory expectations and ensuring a safe environment for investors. The financial sector continually evolves, necessitating strong security measures to build client confidence.
Overall, this achievement can be seen as part of broader efforts to enhance the integrity and security of the crypto market, which has faced scrutiny and regulatory challenges in recent times. The audit process and subsequent certification serve as a trusted endorsement of the organization’s practices in cryptoasset management, instilling confidence in current and prospective clients alike.