OKX, a leading crypto exchange, announced that it has successfully achieved System and Organization Controls (SOC) 1 Type 2 compliance, confirming that it meets the highest global standards for protecting institutional clients’ data and assets.
The SOC 1 Type 2 examination was conducted following strict guidelines set by the American Institute of Certified Public Accountants (AICPA). OKX’s successful completion of this examination assures institutional clients that its policies and processes to protect their data are effective and align with best practices.
OKX’s key policies and processes for safeguarding clients’ data and assets include:
- Advanced encryption technologies and rigorous access control procedures
- Monthly reporting of Proof of Reserves, confirming that customer funds are backed 1:1
- A comprehensive incident response plan, enabling OKX to respond quickly and effectively to any potential security breaches
- Regular employee training on security practices
- Stringent backup and recovery processes that ensure data integrity in case of a system failure
An independent auditor conducted OKX’s SOC 1 Type 2 examination for its Bahamas entity (OKX Bahamas FinTech Company Limited) for the period from January 1, 2024, to March 31, 2024.
OKX Chief Legal Officer Mauricio Beugelmans said: “Our successful completion of the internationally recognized SOC 1 Type 2 examination underscores our ongoing commitment to providing a reliable, trusted trading platform for our customers. We take pride in aligning ourselves with global best practices to safeguard customers’ data and assets. As we continue to enhance our security and transparency, we will continue to engage independent, third-party auditors to review our security measures.”
OKX also announced on September 20, 2023 that it has achieved SOC 2 Type 2 certification, demonstrating OKX’s ongoing commitment to governing its services, managing sensitive data and protecting data privacy.
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