These two certifications highlight the procedures and security we have in place to provide a world-class custodial platform.
Since its founding in 2012, Coinbase has prided itself on “building trust through compliance.” This ethos impacts everything we do and each service we provide. From being awarded one of the first New York Bitlicenses in 2017, to recently obtaining e-money licenses in the UK and Ireland, compliance is central to our mission of creating an open financial system for the world.
Coinbase Custody is proud to carry this torch. Being licensed as a New York Limited Purpose Trust Company under the NY Department of Financial Services’ supervision demonstrates to our clients that we are held to the same rigorous compliance, security and auditing standards as traditional financial services companies.
Today, we are excited to share the next phase of this journey. In 2019, Coinbase Custody Trust Company, LLC, engaged Grant Thornton LLP to conduct two System and Organization Controls (SOC) examinations. We recently completed the SOC 1 Type 2 (“SOC 1”) and SOC 2 Type 2 (“SOC 2”) examinations for the period of July 1, 2019 to December 31, 2019. As we move forward, we will continue to engage a third party to conduct regular SOC 1 and SOC 2 examinations.
We are proud to be the first crypto custodian to attain both of these prestigious reports.
For our clients, these reports highlight the procedures and security we have in place on our custodial platform. The SOC reports include a description of the Coinbase’s Custody Services Platform for processing our clients’ transactions and Grant Thornton LLP’s tests of our controls relating to our service commitments, system requirements, and control objectives.
Being the first crypto custodian to be issued both the SOC 1 Type 2 and SOC 2 Type 2 reports is yet another milestone demonstrating our commitment to being the world’s most trusted and compliant custodian of crypto assets. These reports build on our previous compliance milestones achieved independently of Grant Thornton LLP, such as our industry-leading, comprehensive insurance policies.
As we move forward, Coinbase remains committed to maintaining the same level of rigorous security and oversight standards that has established us as a true institutional-grade custodian.
Coinbase Custody is the world’s largest and fastest growing crypto custodian. If you’re interested in helping to build the utility phase of crypto, we’re hiring!
In another first, Coinbase Custody attains its SOC 1 and SOC 2 reports was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
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