Coinbase’s Prime Broker Platform Receives Industry Attestation Reports
Coinbase’s prime broker platform, Coinbase Prime, has received two System and Organization Control (SOC) attestation reports that verify that an organization follows industry best practices.
Conducted by the American Institute of Certified Public Accountants (AICPA), Coinbase Prime received SOC 1 Type 2 and SOC 2 Type 2 certifications, according to a blog post on Tuesday.
SOC 1 examines internal controls over financial reporting, while SOC 2 looks at controls based on AICPA's trust principles, which include security, availability, processing integrity, confidentiality, and privacy. Type 2 reports evaluate operational efficacy.
“These two certificates … 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,” the blog post said.