The platform known for trading and investing has recently achieved SOC 2 Type II compliance for its cryptoasset custody services. This certification was granted following an independent examination of the organization’s security measures over a considerable timeframe.
SOC 2 Type II is a compliance standard created by the American Institute of CPAs (AICPA). It assesses a service provider’s capability to protect sensitive information based on five critical trust service principles, namely security, availability, processing integrity, confidentiality, and privacy. The process of obtaining this certification involves a thorough evaluation of an organization’s systems and operational methodologies to ensure they meet established security benchmarks.
In conjunction with recent developments in the United States, the trading firm has submitted a draft Registration Statement on Form F-1 to the SEC as part of its intentions to go public with ordinary shares. However, specific details such as the number of shares and price range remain undisclosed. The public offering can only proceed after the SEC’s review is completed, contingent on market conditions.
The audit conducted for this compliance was performed by Grant Thornton, which reviewed the organization’s controls from July 1, 2023, to August 30, 2024. Grant Thornton issued an unqualified opinion, confirming that the organization’s security protocols were effectively designed and operational during the entire audit period. This certification is a testament to the firm’s adherence to necessary security frameworks for its crypto custody services.
The management emphasized that clients place significant trust in the organization by allowing it to manage their assets. Therefore, the commitment to uphold the highest standards in systems and procedures throughout its operations was reiterated. Achieving SOC 2 Type II compliance demonstrates a focused dedication to protecting clients’ cryptoassets through robust security measures and adherence to industry best practices.
This development reflects a broader trend within the crypto space, where regulatory compliance and security standards are increasingly prioritized by companies aiming to gain public trust and build reliable systems for asset protection. Clients and stakeholders are ever more discerning regarding the trustworthiness of such platforms, making compliance certifications like SOC 2 Type II critical for operational credibility in the competitive landscape of cryptocurrency.
Overall, this milestone reinforces the organization’s accountability in managing crypto assets while simultaneously positioning it favorably within the investment industry. Achieving this level of compliance is likely to bolster investor confidence as the firm approaches its planned IPO, demonstrating a proactive commitment to security and regulatory standards in a rapidly evolving market.