Cboe Digital is pleased to announce it has completed an independent Service Organization Controls (SOC) audit of its clearing services platform, Cboe Clear Digital, and received a SOC 1 Type II certification, completed by a large national public accounting firm. The SOC 1 Type II examination reviewed Cboe Clear Digital’s design, implementation and operating effectiveness of its financial transaction operations and reporting controls.
“Completion of our SOC 1 Type II audit demonstrates Cboe Digital’s continued commitment to the highest levels of financial and operational controls,” said John Palmer, President of Cboe Digital. “Independent audit of our operations and security compliance is one thing our institutional partners expect, to foster trust and verify the critical controls that must be in place when choosing to participate on crypto exchanges and clearinghouses.”
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In addition to the SOC 1 Type II certification, Cboe Digital has a SOC 2 Type II certification. The SOC 2 Type II reviews Cboe Clear Digital’s security, system changes and upgrades, systems availability, protection of customer funds and information and auditing procedures as well as the internal standards by which Cboe Digital staff hold themselves accountable.
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Cboe Digital operates a regulated exchange and clearinghouse with Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) licenses from the U.S. Commodity Futures Trading Commission (CFTC). Cboe Digital is obligated to keep member funds safe and segregated. The traditional market infrastructure was designed upon building blocks from the established capital markets to help ensure proper security protocols were in place. This best practice is in the interest of the member and to further help establish confidence in the crypto markets.
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