OKX has attained System and Organization Controls (SOC) 1 Type 2 compliance following an independent audit aligned with the American Institute of Certified Public Accountants (AICPA) guidelines. This certification underscores OKX’s adherence to global standards for safeguarding institutional client data and assets.
Key Highlights of OKX’s SOC 1 Type 2 Certification
- Audit Period: January 1–March 31, 2024, for OKX Bahamas FinTech Company Limited.
- Focus Areas: Data encryption, access controls, proof of reserves, and incident response.
- Third-Party Validation: Conducted by an independent auditor, ensuring transparency.
👉 Learn more about OKX’s security protocols
How OKX Protects Client Assets and Data
OKX employs a multi-layered security framework, including:
Advanced Encryption & Access Controls
- End-to-end encryption for sensitive operations.
- Role-based access permissions.
Proof of Reserves (PoR)
- Monthly audits verifying 1:1 backing of customer funds.
Incident Response Plan
- Rapid mitigation of breaches via predefined protocols.
Employee Training
- Regular cybersecurity awareness programs.
Data Backup & Recovery
- Redundant systems to prevent data loss.
Mauricio Beugelmans, OKX Chief Legal Officer:
"SOC 1 Type 2 certification reflects our commitment to trust and compliance. We’ll continue partnering with auditors to enhance security."
Recent Challenges: The SIM-Swap Attack
In June 2024, OKX faced a SIM-swap attack exploiting SMS-based 2FA vulnerabilities:
- Attackers bypassed security via API key manipulation.
- $837M withdrawn by users within a week.
Security Gaps Identified
- No 24-hour withdrawal ban for sensitive setting changes.
- Whitelisted addresses exempt from dynamic verification.
OKX’s Response:
- Compensated affected users.
- Strengthened 2FA protocols (e.g., disabling SMS fallbacks).
👉 Explore OKX’s updated security features
SOC 2 Type 2 Certification: A Previous Milestone
In September 2023, OKX earned SOC 2 Type 2 certification, validating its:
- Data privacy controls.
- Operational compliance over an extended period.
Why It Matters:
- Demonstrates OKX’s long-term commitment to security.
- Aligns with AICPA’s rigorous standards.
FAQs
What is SOC 1 Type 2 certification?
A compliance audit verifying financial data protection for institutional clients.
How does OKX ensure asset safety?
Via PoR audits, encryption, and multi-factor authentication.
What caused the SIM-swap attack?
Weaknesses in SMS 2FA and API key permissions.
Are withdrawals now safer on OKX?
Yes—new measures include stricter 2FA and withdrawal delays for sensitive actions.
Conclusion
OKX’s SOC certifications reinforce its position as a secure, transparent platform, despite recent challenges. Continuous audits and user-focused updates aim to restore and maintain trust.
For further details, visit OKX’s official resources.
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