SOC (System and Organization Controls) attestations are independent audits conducted by reputable external auditors. They assess the effectiveness of an organization’s internal controls in critical areas such as security, privacy, and financial reporting. SOC Type II audits are performed periodically to verify that systems, processes, and controls consistently meet the highest standards. Despite their importance in guaranteeing transparent and compliant infrastructures externally, SOC attestations remain a distinguishing feature that few entities in the crypto world can claim.
The SOC 1 Type II report is an independent attestation that evaluates internal controls relevant to an organization’s financial reporting. This standard primarily applies to service providers managing data or processes critical to their clients’ financial statements, such as those operating in the financial, insurance, and accounting sectors. Unlike the Type I report, which examines control design at a specific point in time, Type II covers a defined observation period, assessing both the design and operational effectiveness of controls over time.
The SOC 2 Type II report is an independent attestation that evaluates internal controls related to security, availability, process integrity, confidentiality, and privacy of data managed by an organization. This standard mainly applies to technology and cloud service providers and is especially relevant for companies handling sensitive or personal data on behalf of third parties. Similar to Type I, which assesses control design at a single point, Type II spans a set period, verifying both the design and operational effectiveness of controls throughout that time.
SOC attestations provide an independent and authoritative assurance that an organization adheres to the highest standards in security, operational reliability, data protection, and accounting accuracy. Issued by one of the Big Four firms, they confirm the platform’s alignment with internationally recognized operational standards typical of the regulated financial sector. This external recognition is a concrete testament to the commitment to transparency and quality, especially in an environment where many industry players still choose to operate without structured controls or proper certifications.