As part of Kraken’s Commitment to Customer Safetywe have completed and passed an independent auditor’s examination of internal controls as defined by the American Institute of Certified Public Accountants (“AICPA”) SOC 2, Type I compliance standard.
We would like to share details about this process and how it serves our mission to be one of the most secure crypto exchanges in the world.
What is SOC 2, Type I?
SOC 2, Type I is an independent third-party auditor’s review of internal controls focused on the security and availability of systems and data. The audit process verifies that Kraken has the necessary controls in place to protect customer data and funds. An independent third-party auditor conducted the review based on the AICPA Trust Service Criteria and in accordance with the AICPA Code of Professional Conduct.
The AICPA Trust Services Criteria consist of five categories:
- Security
- Availablity
- Processing integrity
- Privacy
- Privacy
Each category includes a robust set of criteria that organizations must meet, depending on the scope of the review. The AICPA designed the criteria to help organizations identify and address potential risks and vulnerabilities in their information systems. Organizations must also demonstrate that they have appropriate controls in place to protect their information systems from unauthorized access, use or disclosure.
What does SOC2, Type I mean to you?
For Kraken, passing the SOC 2, Type I exam demonstrates our commitment to the security and protection of customer data and funds. Kraken has achieved its SOC 2, Type I report under the Trusted Services Availability and Security Criteria as defined by the AICPA. The report covers Kraken’s funding services and custody capabilities.
We believe that the auditor’s unqualified opinion demonstrated that Kraken had exceptional internal controls on security and availability.
So what does this mean for you?
This means we offer proof, not promise, of our world-class security. By meeting the requirements of SOC 2, Type I, we have demonstrated that our security practices meet global standards. This review allows us to not only affirm, but independently prove that your security and privacy at Kraken is paramount.
For Kraken, the commitment to reviews by independent auditors and other bodies demonstrates our unwavering commitment to demonstrating that our clients’ funds, NFTs and privacy are secure.
“We continue to improve our security, availability, privacy and stakeholder confidence. I am extremely proud of our team at Kraken for reaching this milestone. The audit was a major effort that spanned several months and was cross-functional involving multiple teams,” said Koushik Subramanian, Director of Security Risk Management at Kraken.
Secure your crypto journey
Kraken continually explores ways to validate the strength of our security program and our commitment to an effective internal control environment. The issuance of the SOC 2, Type I notice for Kraken’s custodial and funding service demonstrates our commitment to the privacy and security of our customers.
Kraken remains dedicated to continuously improving our screening program and deepening our investment in innovative security measures that keep you safe. Our collaboration with independent third-party assessors and auditors validates our efforts for all to see. We are proud to be recognized as a digital asset platform committed to protecting your financial freedom.
