Coinbase’s Prime Broker Platform Receives Industry Attestation Reports

The reports look at internal controls over financial reporting, as well as controls based on trust principles.

AccessTimeIconDec 13, 2022 at 11:16 p.m. UTC
Updated May 9, 2023 at 4:04 a.m. UTC
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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.

Coinbase Prime received SOC 1 Type 2 and SOC 2 Type 2 certifications, according to a blog post on Tuesday. The reports are governed by the American Institute of Certified Public Accountants (AICPA) and were conducted for Coinbase by auditor Deloitte, according to a Coinbase spokesperson.

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.

UPDATE (Dec. 14, 13:57 UTC): Added that Deloitte conducted the reports for Coinbase.


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Helene Braun

Helene is a New York-based news reporter at CoinDesk, currently covering the criminal trial of infamous crypto mogul Sam Bankman-Fried. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News and Nasdaq TradeTalks. She holds BTC and ETH.

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