# What Kind of Evidence Does an Auditor Review during a Crypto Custodian's SOC 2 Examination? ▴ Question

**Published:** 2025-08-09
**Categories:** Question

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![A metallic, disc-centric interface, likely a Crypto Derivatives OS, signifies high-fidelity execution for institutional-grade digital asset derivatives. Its grid implies algorithmic trading and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/rfq-block-price-algo-fidelity-alpha-capital-institutional-digital.jpg)

![Abstract, sleek forms represent an institutional-grade Prime RFQ for digital asset derivatives. Interlocking elements denote RFQ protocol optimization and price discovery across dark pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-5.jpg)

## Concept

An institutional-grade crypto custodian’s [SOC 2 examination](https://prime.greeks.live/area/soc-2-examination/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a forensic validation of its control environment, designed to provide assurance that the systems safeguarding digital assets are not just conceptually sound but operationally robust. The audit’s purpose is to move beyond verbal assurances and into the realm of empirical evidence, where every security protocol, operational procedure, and governance policy is subjected to rigorous, independent verification. It is a systematic process of substantiating the custodian’s claims about its security, availability, [processing integrity](https://prime.greeks.live/question/what-are-the-trade-offs-between-using-stream-processing-and-micro-batch-processing-for-anomaly-detection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), confidentiality, and privacy. The examination provides a detailed attestation, issued by a certified public accountant, that the custodian has designed and implemented effective controls to protect client assets and data. 

For a [crypto custodian](https://prime.greeks.live/area/crypto-custodian/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a SOC 2 report is a critical piece of infrastructure. It serves as a standardized, trusted mechanism for demonstrating the integrity of its complex technological and operational systems. The examination is not a mere checklist; it is an in-depth review of the custodian’s entire ecosystem, from the [physical security](https://prime.greeks.live/area/physical-security/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of its data centers to the cryptographic protocols governing its key management systems.

The auditor’s role is to gather and assess a wide array of evidence to determine whether the custodian’s controls are suitably designed and operating effectively over a specified period. This process is fundamental to building trust with [institutional clients](https://prime.greeks.live/question/why-did-esmas-binary-options-ban-apply-to-retail-clients-but-not-professional-clients/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), who require verifiable proof of a custodian’s ability to mitigate the unique risks associated with digital assets.

> A SOC 2 examination serves as the bridge between a crypto custodian’s security claims and the verifiable proof required by institutional clients.

![An abstract, precisely engineered construct of interlocking grey and cream panels, featuring a teal display and control. This represents an institutional-grade Crypto Derivatives OS for RFQ protocols, enabling high-fidelity execution, liquidity aggregation, and market microstructure optimization within a Principal's operational framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/integrated-principal-trading-system-modules-for-institutional-digital-asset-derivatives-rfq-execution-and-optimized-market-microstructure.jpg)

## The Foundation of Trust in Digital Asset Custody

The core of a SOC 2 examination lies in the [Trust Services Criteria](https://prime.greeks.live/area/trust-services-criteria/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) established by the American Institute of Certified Public Accountants (AICPA). These criteria provide a framework for evaluating the effectiveness of a service organization’s controls. For a crypto custodian, the “Security” criterion is paramount, as it addresses the protection of the custodian’s systems against [unauthorized access](https://prime.greeks.live/question/which-internal-controls-are-most-effective-in-preventing-unauthorized-access-to-rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), use, or modification. The auditor will seek evidence that the custodian has implemented robust controls to prevent the theft or loss of private keys, which are the essential instruments for controlling crypto assets.

The other Trust [Services Criteria](https://prime.greeks.live/question/how-should-kpis-in-an-it-services-rfp-differ-for-cloud-services-versus-on-premise-infrastructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are also highly relevant. “Availability” pertains to the accessibility of the custodian’s systems and data, ensuring that clients can access their assets when needed. “Processing Integrity” focuses on the accuracy and completeness of [transaction processing](https://prime.greeks.live/question/what-are-the-trade-offs-between-using-stream-processing-and-micro-batch-processing-for-anomaly-detection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). “Confidentiality” relates to the protection of sensitive information, such as client identities and transaction details.

“Privacy” addresses the collection, use, and disclosure of personal information. The scope of a SOC 2 examination can be tailored to include any or all of these criteria, depending on the custodian’s service commitments to its clients.

![A sleek central sphere with intricate teal mechanisms represents the Prime RFQ for institutional digital asset derivatives. Intersecting panels signify aggregated liquidity pools and multi-leg spread strategies, optimizing market microstructure for RFQ execution, ensuring high-fidelity atomic settlement and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core-engine.jpg)

![A dark central hub with three reflective, translucent blades extending. This represents a Principal's operational framework for digital asset derivatives, processing aggregated liquidity and multi-leg spread inquiries](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-for-high-fidelity-digital-asset-derivatives.jpg)

## Strategy

The strategic approach to a SOC 2 examination for a crypto custodian involves a systematic mapping of its unique operational risks to the AICPA’s [Trust Services](https://prime.greeks.live/question/how-do-the-soc-2-trust-services-criteria-apply-to-the-risks-of-crypto-custody/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Criteria. This process requires a deep understanding of both the intricacies of [digital asset](https://prime.greeks.live/area/digital-asset/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) management and the rigorous standards of the SOC 2 framework. The custodian’s management, in collaboration with the auditor, must first define the scope of the examination, selecting the specific Trust Services Criteria that are relevant to its service offerings. For most crypto custodians, the “Security” criterion is the primary focus, but “Availability” and “Processing Integrity” are also critical for demonstrating a comprehensive control environment.

![A central, intricate blue mechanism, evocative of an Execution Management System EMS or Prime RFQ, embodies algorithmic trading. Transparent rings signify dynamic liquidity pools and price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-framework-driving-high-fidelity-rfq-execution-and-optimized-market-microstructure-for-capital-efficiency.jpg)

## Mapping Trust Services Criteria to Crypto Custody Operations

Once the scope is defined, the custodian must articulate its [control objectives](https://prime.greeks.live/question/to-what-extent-does-the-rise-of-non-bank-financial-intermediation-undermine-basel-iiis-objectives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for each of the selected criteria. These objectives are high-level statements that describe the desired outcomes of the custodian’s control activities. For example, a control objective related to the “Security” criterion might be ▴ “Controls are in place to prevent unauthorized access to the custodian’s [key management system](https://prime.greeks.live/area/key-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).” The auditor’s role is to assess whether the custodian has designed and implemented controls that are sufficient to achieve these objectives. This involves a detailed review of the custodian’s policies, procedures, and system configurations.

The following table provides an illustrative mapping of the Trust Services Criteria to the specific control objectives of a crypto custodian:

### Trust Services Criteria and Crypto Custodian Control Objectives

| Trust Service Criterion | Crypto Custodian Control Objective |
| --- | --- |
| Security | Prevent unauthorized access to sensitive data and systems, including private keys. |
| Availability | Ensure that the custodian’s platform and services are available for use as committed or agreed. |
| Processing Integrity | Ensure that all crypto asset transactions are processed completely, accurately, and in a timely manner. |
| Confidentiality | Protect confidential client information from unauthorized disclosure. |
| Privacy | Safeguard any personally identifiable information (PII) collected from clients. |

![Precision-engineered modular components, with transparent elements and metallic conduits, depict a robust RFQ Protocol engine. This architecture facilitates high-fidelity execution for institutional digital asset derivatives, enabling efficient liquidity aggregation and atomic settlement within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-optimizing-high-fidelity-execution-and-liquidity-aggregation.jpg)

## The Role of a Type 1 Vs. Type 2 Report

A key strategic decision in the SOC 2 process is whether to pursue a Type 1 or [Type 2 report](https://prime.greeks.live/area/type-2-report/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). A Type 1 [report provides](https://prime.greeks.live/question/how-does-a-market-makers-inventory-position-influence-the-quotes-it-provides-to-clients/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) an opinion on the suitability of the design of the custodian’s controls at a specific point in time. In contrast, a Type 2 report goes a step further, testing the operating effectiveness of those controls over a period of time, typically six to twelve months. For institutional clients, a Type 2 report offers a higher level of assurance, as it provides evidence that the custodian’s controls are not just well-designed but also consistently applied.

> A Type 2 report provides a historical record of a custodian’s control effectiveness, offering a more robust assurance of its security posture.

The decision to pursue a Type 2 report reflects a custodian’s commitment to transparency and operational excellence. It requires a significant investment of time and resources, as the auditor will need to perform detailed testing of the custodian’s control activities over the review period. This testing involves examining a sample of transactions, reviewing system logs, and interviewing personnel to confirm that controls are operating as intended. The resulting report provides a detailed narrative of the auditor’s tests and findings, giving clients a clear view of the custodian’s control environment.

![A dark, precision-engineered module with raised circular elements integrates with a smooth beige housing. It signifies high-fidelity execution for institutional RFQ protocols, ensuring robust price discovery and capital efficiency in digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-system-core-high-speed-price-discovery-module.jpg)

![A central glowing blue mechanism with a precision reticle is encased by dark metallic panels. This symbolizes an institutional-grade Principal's operational framework for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-core-enabling-institutional-digital-asset-derivatives-rfq-execution.jpg)

## Execution

The execution phase of a SOC 2 examination is where the theoretical framework of control objectives is tested against the reality of the custodian’s day-to-day operations. The auditor’s primary task is to gather and evaluate a substantial body of evidence to support their opinion on the effectiveness of the custodian’s controls. This evidence can be broadly categorized into several key areas, each of which addresses a specific aspect of the custodian’s security and operational posture.

![A luminous digital market microstructure diagram depicts intersecting high-fidelity execution paths over a transparent liquidity pool. A central RFQ engine processes aggregated inquiries for institutional digital asset derivatives, optimizing price discovery and capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-principal-operational-framework-price-discovery.jpg)

## Evidence Pertaining to Logical and Physical Access Controls

A fundamental component of any SOC 2 examination is the review of the custodian’s logical and physical access controls. The auditor will seek to verify that only authorized individuals have access to sensitive systems and data, and that this access is based on the principle of least privilege. Evidence in this area typically includes:

- **Access Control Policies and Procedures** ▴ Formal documentation outlining the custodian’s policies for granting, modifying, and revoking access to its systems.

- **User Access Reviews** ▴ Records of periodic reviews of user access rights to ensure they remain appropriate for the individual’s job responsibilities.

- **System Configuration Settings** ▴ Screenshots or reports from the custodian’s systems demonstrating the configuration of access control lists, password policies, and multi-factor authentication (MFA) settings.

- **Physical Security Measures** ▴ Evidence of controls over physical access to data centers and other sensitive facilities, such as visitor logs, CCTV footage, and records of access card usage.

![The abstract image visualizes a central Crypto Derivatives OS hub, precisely managing institutional trading workflows. Sharp, intersecting planes represent RFQ protocols extending to liquidity pools for options trading, ensuring high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-institutional-digital-asset-derivatives-prime-os-execution.jpg)

## Scrutiny of the Key Management System

For a crypto custodian, the key [management system](https://prime.greeks.live/question/what-is-the-relationship-between-an-order-management-system-and-an-execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (KMS) is the heart of its operations. The auditor will conduct a deep dive into the design and implementation of the KMS, focusing on the controls that protect the [private keys](https://prime.greeks.live/area/private-keys/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) used to sign transactions. The evidence required in this area is highly technical and may include:

- **KMS Architecture Diagrams** ▴ Detailed diagrams illustrating the flow of key material through the custodian’s systems, including the use of hot, warm, and cold storage solutions.

- **[Hardware Security Module](https://prime.greeks.live/area/hardware-security-module/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (HSM) Configuration** ▴ Evidence of the proper configuration and use of HSMs to protect private keys from unauthorized access and extraction.

- **Multi-Signature and Quorum Controls** ▴ Documentation and system records demonstrating the enforcement of multi-signature policies, which require the approval of multiple individuals to authorize a transaction.

- **Key Generation and Destruction Procedures** ▴ Evidence of secure procedures for generating, backing up, and destroying cryptographic keys.

> The integrity of a crypto custodian’s key management system is the ultimate measure of its ability to safeguard client assets.

The following table details some of the specific evidence an auditor might request when reviewing a crypto custodian’s [key management](https://prime.greeks.live/area/key-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) system:

### Evidence for Key Management System Review

| Control Area | Specific Evidence Requested |
| --- | --- |
| Key Generation | Records of key generation ceremonies, including the list of participants and the procedures followed. |
| Key Storage | Evidence of the physical and logical controls protecting the storage of private keys, such as the use of air-gapped systems and tamper-evident seals. |
| Key Usage | Transaction logs and system records demonstrating the enforcement of multi-signature and other access control policies. |
| Key Backup and Recovery | Documentation of the custodian’s key backup and recovery procedures, including the results of periodic recovery tests. |

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## Verification of Transaction Processing and Incident Response

The auditor will also examine the custodian’s transaction processing and [incident response](https://prime.greeks.live/question/how-should-a-global-company-structure-its-incident-response-team-for-multi-jurisdictional-events/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) capabilities. For transaction processing, the focus is on ensuring the accuracy, completeness, and timeliness of all transactions. Evidence in this area includes:

- **Transaction Processing Policies and Procedures** ▴ Documentation of the custodian’s procedures for initiating, authorizing, and recording transactions.

- **[Transaction Monitoring](https://prime.greeks.live/area/transaction-monitoring/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Reports** ▴ Reports from the custodian’s transaction monitoring systems, which are used to detect and prevent fraudulent or erroneous transactions.

- **Reconciliation Records** ▴ Evidence of regular reconciliations between the custodian’s internal records and the state of the relevant blockchain.

In the area of incident response, the auditor will look for evidence that the custodian has a well-defined plan for responding to security incidents, such as a data breach or a loss of private keys. This includes:

- **[Incident Response Plan](https://prime.greeks.live/area/incident-response-plan/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ A formal document outlining the custodian’s procedures for identifying, containing, eradicating, and recovering from security incidents.

- **Incident Response Team Charter** ▴ Documentation defining the roles, responsibilities, and contact information for the members of the custodian’s incident response team.

- **Incident Response Test Results** ▴ Records of periodic tests of the incident response plan, including the lessons learned and any resulting improvements.

![An intricate, transparent cylindrical system depicts a sophisticated RFQ protocol for digital asset derivatives. Internal glowing elements signify high-fidelity execution and algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-architecture.jpg)

## References

- American Institute of Certified Public Accountants. “SOC 2® – SOC for Service Organizations ▴ Trust Services Criteria.” AICPA, 2017.

- Deloitte. “Crypto firms build confidence through SOC 2 reporting.” Deloitte China, 2022.

- Gemini. “Gemini Completes SOC 2 Review ▴ A World’s First For a Cryptocurrency Exchange and Custodian.” Gemini, 2019.

- Bakkt. “Your allies in choosing a crypto custodian ▴ SOC reports.” Bakkt, 2023.

- Financial Post. “Balance Achieves SOC 2 Type 2 Compliance as a Digital Asset Custodian.” Financial Post, 2024.

- BetaKit. “Crypto custodian Balance completes SOC 2 audit to increase customer confidence.” BetaKit, 2022.

- Harris, L. “Trading and Exchanges ▴ Market Microstructure for Practitioners.” Oxford University Press, 2003.

- O’Hara, M. “Market Microstructure Theory.” Blackwell Publishing, 1995.

![Internal mechanism with translucent green guide, dark components. Represents Market Microstructure of Institutional Grade Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-crypto-derivatives-rfq-engine-for-high-fidelity-execution.jpg)

## Reflection

The successful completion of a SOC 2 examination is a testament to a crypto custodian’s commitment to building a secure and resilient operational framework. It is a rigorous and demanding process that requires a deep understanding of both the technical intricacies of digital asset management and the formal requirements of the audit process. For institutional clients, a clean SOC 2 report provides a critical data point in their due diligence process, offering a level of assurance that is difficult to achieve through other means. As the digital asset ecosystem continues to mature, the importance of such independent verifications will only grow, serving as a key differentiator for custodians who are serious about earning and maintaining the trust of their clients.

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## The Evolving Landscape of Crypto Audits

The standards and practices for auditing crypto custodians are still evolving, and it is likely that we will see further refinements and specializations in the years to come. The unique challenges posed by digital assets, such as the immutability of blockchain transactions and the complexities of decentralized governance, will require auditors to develop new techniques and approaches. Custodians, in turn, will need to stay abreast of these developments and continuously enhance their control environments to meet the rising expectations of their clients and regulators. Ultimately, the goal is to create a system of trust and accountability that will enable the continued growth and institutionalization of the digital asset market.

![A central mechanism of an Institutional Grade Crypto Derivatives OS with dynamically rotating arms. These translucent blue panels symbolize High-Fidelity Execution via an RFQ Protocol, facilitating Price Discovery and Liquidity Aggregation for Digital Asset Derivatives within complex Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/question/what-are-the-trade-offs-between-using-stream-processing-and-micro-batch-processing-for-anomaly-detection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated mechanical system featuring a translucent, crystalline blade-like component, embodying a Prime RFQ for Digital Asset Derivatives. This visualizes high-fidelity execution of RFQ protocols, demonstrating aggregated inquiry and price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-microstructure-1.jpg)

## Processing Integrity

The choice between stream and micro-batch processing is a trade-off between immediate, per-event analysis and high-throughput, near-real-time batch analysis. </a><a href="https://prime.greeks.live/area/soc-2-examination/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise RFQ engine extends into an institutional digital asset liquidity pool, symbolizing high-fidelity execution and advanced price discovery within complex market microstructure. This embodies a Principal's operational framework for multi-leg spread strategies and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-interfacing-core-liquidity-system.jpg)

## Soc 2 Examination

Meaning ▴ The SOC 2 Examination constitutes an independent audit report assessing the effectiveness of controls at a service organization relevant to the security, availability, processing integrity, confidentiality, or privacy of user data. </a><a href="https://prime.greeks.live/area/physical-security/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract spheres and a sharp disc depict an Institutional Digital Asset Derivatives ecosystem. A central Principal's Operational Framework interacts with a Liquidity Pool via RFQ Protocol for High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

## Physical Security

Meaning ▴ Physical Security refers to the comprehensive set of measures designed to protect computational infrastructure, data storage, and network hardware from unauthorized physical access, damage, or environmental disruption. </a><a href="https://prime.greeks.live/area/crypto-custodian/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Mirrored abstract components with glowing indicators, linked by an articulated mechanism, depict an institutional grade Prime RFQ for digital asset derivatives. This visualizes RFQ protocol driven high-fidelity execution, price discovery, and atomic settlement across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-rfq-high-fidelity-execution-microstructure.jpg)

## Crypto Custodian

Meaning ▴ A Crypto Custodian is a specialized financial technology entity providing secure, institutional-grade storage and management services for cryptographic assets on behalf of clients. </a><a href="https://prime.greeks.live/question/why-did-esmas-binary-options-ban-apply-to-retail-clients-but-not-professional-clients/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent sphere, representing a digital asset option, rests on an aqua geometric RFQ execution venue. This proprietary liquidity pool integrates with an opaque institutional grade infrastructure, depicting high-fidelity execution and atomic settlement within a Principal's operational framework for Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-prime-os.jpg)

## Institutional Clients

ESMA's ban targeted retail clients to prevent harm from high-risk products, while professionals were deemed capable of managing those risks. </a><a href="https://prime.greeks.live/area/trust-services-criteria/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise metallic and transparent teal mechanism symbolizes the intricate market microstructure of a Prime RFQ. It facilitates high-fidelity execution for institutional digital asset derivatives, optimizing RFQ protocols for private quotation, aggregated inquiry, and block trade management, ensuring best execution](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-trading-systems-driving-high-fidelity-institutional-digital-asset-derivatives-rfq-execution-protocols.jpg)

## Trust Services Criteria

Meaning ▴ Trust Services Criteria (TSC) represent a set of authoritative principles and related criteria developed by the American Institute of Certified Public Accountants (AICPA) for evaluating the effectiveness of controls over information and systems. </a><a href="https://prime.greeks.live/question/which-internal-controls-are-most-effective-in-preventing-unauthorized-access-to-rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision institutional interface features a vertical display, control knobs, and a sharp element. This RFQ Protocol system ensures High-Fidelity Execution and optimal Price Discovery, facilitating Liquidity Aggregation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-platform-interface.jpg)

## Unauthorized Access

A layered defense, built on a Zero Trust architecture and the principle of least privilege, is the most effective internal control. </a><a href="https://prime.greeks.live/question/what-are-the-trade-offs-between-using-stream-processing-and-micro-batch-processing-for-anomaly-detection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise metallic central hub with sharp, grey angular blades signifies high-fidelity execution and smart order routing. Intersecting transparent teal planes represent layered liquidity pools and multi-leg spread structures, illustrating complex market microstructure for efficient price discovery within institutional digital asset derivatives RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-high-fidelity-execution-across-market-microstructure-dynamics.jpg)

## Transaction Processing

The choice between stream and micro-batch processing is a trade-off between immediate, per-event analysis and high-throughput, near-real-time batch analysis. </a><a href="https://prime.greeks.live/question/how-should-kpis-in-an-it-services-rfp-differ-for-cloud-services-versus-on-premise-infrastructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Glossy, intersecting forms in beige, blue, and teal embody RFQ protocol efficiency, atomic settlement, and aggregated liquidity for institutional digital asset derivatives. The sleek design reflects high-fidelity execution, prime brokerage capabilities, and optimized order book dynamics for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-principal-operational-frameworks.jpg)

## Services Criteria

KPIs in an IT services RFP must evolve from asset-focused metrics for on-premise to outcome-based service level guarantees for cloud. </a><a href="https://prime.greeks.live/question/how-do-the-soc-2-trust-services-criteria-apply-to-the-risks-of-crypto-custody/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The abstract composition features a central, multi-layered blue structure representing a sophisticated institutional digital asset derivatives platform, flanked by two distinct liquidity pools. Intersecting blades symbolize high-fidelity execution pathways and algorithmic trading strategies, facilitating private quotation and block trade settlement within a market microstructure optimized for price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-1.jpg)

## Trust Services

A SOC 2 report provides auditable proof of a crypto custodian's control environment, translating security claims into institutional-grade trust. </a><a href="https://prime.greeks.live/area/digital-asset/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting digital architecture with glowing conduits symbolizes Principal's operational framework. An RFQ engine ensures high-fidelity execution of Institutional Digital Asset Derivatives, facilitating block trades, multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Digital Asset

Meaning ▴ A Digital Asset is a cryptographically secured, uniquely identifiable, and transferable unit of data residing on a distributed ledger, representing value or a set of defined rights. </a><a href="https://prime.greeks.live/area/key-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Internal hard drive mechanics, with a read/write head poised over a data platter, symbolize the precise, low-latency execution and high-fidelity data access vital for institutional digital asset derivatives. This embodies a Principal OS architecture supporting robust RFQ protocols, enabling atomic settlement and optimized liquidity aggregation within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-system-microstructure.jpg)

## Key Management System

Meaning ▴ A Key Management System is a dedicated, secure computational framework designed to generate, store, distribute, rotate, and revoke cryptographic keys, particularly private keys essential for authorizing digital asset transactions and securing sensitive data. </a><a href="https://prime.greeks.live/question/to-what-extent-does-the-rise-of-non-bank-financial-intermediation-undermine-basel-iiis-objectives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise stack of multi-layered circular components visually representing a sophisticated Principal Digital Asset RFQ framework. Each distinct layer signifies a critical component within market microstructure for high-fidelity execution of institutional digital asset derivatives, embodying liquidity aggregation across dark pools, enabling private quotation and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-rfq-protocol-layers-for-high-fidelity-execution.jpg)

## Control Objectives

The rise of NBFIs challenges Basel III by systematically migrating risk beyond its regulatory perimeter through arbitrage. </a><a href="https://prime.greeks.live/question/how-does-a-market-makers-inventory-position-influence-the-quotes-it-provides-to-clients/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A spherical Liquidity Pool is bisected by a metallic diagonal bar, symbolizing an RFQ Protocol and its Market Microstructure. Imperfections on the bar represent Slippage challenges in High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-optimization-within-principals-market-microstructure-framework.jpg)

## Report Provides

A market maker's inventory dictates its quotes by systematically skewing prices to offload risk and steer its position back to neutral. </a><a href="https://prime.greeks.live/area/type-2-report/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, interconnected metallic components with glowing blue accents depict a sophisticated institutional trading platform. A central element and button signify high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-microstructure.jpg)

## Type 2 Report

Meaning ▴ A Type 2 Report, in institutional digital asset derivatives, is an independent, audited attestation of a service organization's control effectiveness over a defined period. </a><a href="https://prime.greeks.live/question/what-is-the-relationship-between-an-order-management-system-and-an-execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The image displays a sleek, intersecting mechanism atop a foundational blue sphere. It represents the intricate market microstructure of institutional digital asset derivatives trading, facilitating RFQ protocols for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution.jpg)

## Management System

The OMS codifies investment strategy into compliant, executable orders; the EMS translates those orders into optimized market interaction. </a><a href="https://prime.greeks.live/area/private-keys/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, institutional grade apparatus, central to a Crypto Derivatives OS, showcases high-fidelity execution. Its RFQ protocol channels extend to a stylized liquidity pool, enabling price discovery across complex market microstructure for capital efficiency within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-digital-derivatives-prime-os-microstructure-optimization.jpg)

## Private Keys

Meaning ▴ Private keys represent the cryptographic secret enabling control and authorization of digital asset transactions on a blockchain, functioning as a unique, mathematically generated string of characters that grants absolute authority over associated digital assets. </a><a href="https://prime.greeks.live/area/hardware-security-module/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Beige and teal angular modular components precisely connect on black, symbolizing critical system integration for a Principal's operational framework. This represents seamless interoperability within a Crypto Derivatives OS, enabling high-fidelity execution, efficient price discovery, and multi-leg spread trading via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-execution-microstructure-os-interop.jpg)

## Hardware Security Module

Meaning ▴ A Hardware Security Module is a dedicated physical computing device engineered to safeguard cryptographic keys and execute cryptographic operations within a tamper-resistant, highly secure environment. </a><a href="https://prime.greeks.live/area/key-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision optical component stands on a dark, reflective surface, symbolizing a Price Discovery engine for Institutional Digital Asset Derivatives. This Crypto Derivatives OS element enables High-Fidelity Execution through advanced Algorithmic Trading and Multi-Leg Spread capabilities, optimizing Market Microstructure for RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimal-execution-system-microstructure.jpg)

## Key Management

Meaning ▴ Key Management constitutes the comprehensive lifecycle governance of cryptographic keys, encompassing their secure generation, robust storage, controlled usage, systematic rotation, and eventual destruction. </a><a href="https://prime.greeks.live/question/how-should-a-global-company-structure-its-incident-response-team-for-multi-jurisdictional-events/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate core of a Crypto Derivatives OS, showcasing precision platters symbolizing diverse liquidity pools and a high-fidelity execution arm. This depicts robust principal's operational framework for institutional digital asset derivatives, optimizing RFQ protocol processing and market microstructure for best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-execution-system.jpg)

## Incident Response

A global incident response team must be architected as a hybrid model, blending centralized governance with decentralized execution. </a><a href="https://prime.greeks.live/area/transaction-monitoring/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The image depicts two distinct liquidity pools or market segments, intersected by algorithmic trading pathways. A central dark sphere represents price discovery and implied volatility within the market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-multi-leg-spread-execution-microstructure.jpg)

## Transaction Monitoring

Meaning ▴ A system designed for continuous, automated analysis of financial transaction flows against predefined rules and behavioral models, primarily to detect deviations indicative of fraud, market abuse, or illicit activity, thereby upholding compliance frameworks and mitigating operational risk within institutional financial operations. </a><a href="https://prime.greeks.live/area/incident-response-plan/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interconnected translucent rings with glowing internal mechanisms symbolize an RFQ protocol engine. This Principal's Operational Framework ensures High-Fidelity Execution and precise Price Discovery for Institutional Digital Asset Derivatives, optimizing Market Microstructure and Capital Efficiency via Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Incident Response Plan

Meaning ▴ An Incident Response Plan defines a structured, pre-defined set of procedures and protocols for an organization to systematically detect, contain, eradicate, recover from, and analyze cybersecurity or operational incidents. </a>

**Tags:** [Key Management System](https://options.greeks.live/area/key-management-system/), [Logical Access Controls](https://options.greeks.live/area/logical-access-controls/), [Digital Asset](https://options.greeks.live/area/digital-asset/), [Hardware Security Module](https://options.greeks.live/area/hardware-security-module/), [Type 2 Report](https://options.greeks.live/area/type-2-report/), [Transaction Monitoring](https://options.greeks.live/area/transaction-monitoring/)	

## Discover More

- 
### [How Is Counterparty Risk Managed in the Settlement of Large Crypto Block Trades?](https://options.greeks.live/question/how-is-counterparty-risk-managed-in-the-settlement-of-large-crypto-block-trades/)
![A smooth, light grey arc meets a sharp, teal-blue plane on black. This abstract signifies Prime RFQ Protocol for Institutional Digital Asset Derivatives, illustrating Liquidity Aggregation, Price Discovery, High-Fidelity Execution, Capital Efficiency, Market Microstructure, Atomic Settlement.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-digital-asset-derivatives-execution-liquidity.jpg)

Counterparty risk in large crypto block trades is managed by architecting a settlement system that eliminates exposure through trusted custodians and instant off-chain networks.

- 
### [How Will the Adoption of Tokenized Collateral Impact the Role of Tri-Party Agents and Custodians?](https://options.greeks.live/question/how-will-the-adoption-of-tokenized-collateral-impact-the-role-of-tri-party-agents-and-custodians/)
![A central split circular mechanism, half teal with liquid droplets, intersects four reflective angular planes. This abstractly depicts an institutional RFQ protocol for digital asset options, enabling principal-led liquidity provision and block trade execution with high-fidelity price discovery within a low-latency market microstructure, ensuring capital efficiency and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-core-system-for-high-fidelity-execution-and-aggregated-liquidity.jpg)

Tokenized collateral transforms tri-party agents and custodians from asset intermediaries into architects of a more efficient, liquid, and automated financial system.

- 
### [What Are the Key Architectural Changes Needed for an EMS to Support Regulated Crypto RFQs?](https://options.greeks.live/question/what-are-the-key-architectural-changes-needed-for-an-ems-to-support-regulated-crypto-rfqs/)
![A Principal's RFQ engine core unit, featuring distinct algorithmic matching probes for high-fidelity execution and liquidity aggregation. This price discovery mechanism leverages private quotation pathways, optimizing crypto derivatives OS operations for atomic settlement within its systemic architecture.](https://options.greeks.live/wp-content/uploads/2025/08/principals-rfq-engine-driving-optimal-digital-asset-derivatives.jpg)

An EMS must evolve its core architecture to manage cryptographic-native security, probabilistic settlement, and fragmented liquidity.

- 
### [BitGo Files for NYSE IPO Solidifying Institutional Market Infrastructure](https://options.greeks.live/news/bitgo-files-for-nyse-ipo-solidifying-institutional-market-infrastructure/)
![A transparent sphere, representing a digital asset option, rests on an aqua geometric RFQ execution venue. This proprietary liquidity pool integrates with an opaque institutional grade infrastructure, depicting high-fidelity execution and atomic settlement within a Principal's operational framework for Crypto Derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-prime-os.jpg)

The public offering for a premier crypto custodian signals a systemic maturation of digital asset market structure for institutions.

- 
### [In What Ways Do Digital Assets Complicate the Demonstration of Possession or Control under Rule 15c3-3?](https://options.greeks.live/question/in-what-ways-do-digital-assets-complicate-the-demonstration-of-possession-or-control-under-rule-15c3-3/)
![A multi-faceted crystalline structure, featuring sharp angles and translucent blue and clear elements, rests on a metallic base. This embodies Institutional Digital Asset Derivatives and precise RFQ protocols, enabling High-Fidelity Execution. Light interaction depicts Price Discovery within complex Market Microstructure, leveraging a Prime RFQ Intelligence Layer for Multi-Leg Spread optimization and Capital Efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-market-microstructure.jpg)

Digital assets complicate Rule 15c3-3 by replacing auditable, centralized control with cryptographic possession of bearer instruments.

- 
### [How Do Prime Brokers Mitigate Risk in Crypto Block Trading?](https://options.greeks.live/question/how-do-prime-brokers-mitigate-risk-in-crypto-block-trading/)
![A futuristic apparatus visualizes high-fidelity execution for digital asset derivatives. A transparent sphere represents a private quotation or block trade, balanced on a teal Principal's operational framework, signifying capital efficiency within an RFQ protocol. The sharp upper blade implies price discovery and best execution across market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-via-prime-os.jpg)

Prime brokers mitigate risk in crypto block trading by providing a centralized system for execution, settlement, and custody.

- 
### [How Does Multi-Party Computation Enhance the Security of Digital Asset Custody Solutions?](https://options.greeks.live/question/how-does-multi-party-computation-enhance-the-security-of-digital-asset-custody-solutions/)
![An abstract composition featuring two overlapping digital asset liquidity pools, intersected by angular structures representing multi-leg RFQ protocols. This visualizes dynamic price discovery, high-fidelity execution, and aggregated liquidity within institutional-grade crypto derivatives OS, optimizing capital efficiency and mitigating counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimizing-aggregated-liquidity-and-multi-leg-execution-via-advanced-market-microstructure.jpg)

MPC enhances digital asset security by cryptographically distributing a private key, eliminating any single point of failure.

- 
### [BlackRock Launches Bitcoin ETP on London Stock Exchange](https://options.greeks.live/news/blackrock-launches-bitcoin-etp-on-london-stock-exchange/)
![Sleek, dark components with glowing teal accents cross, symbolizing high-fidelity execution pathways for institutional digital asset derivatives. A luminous, data-rich sphere in the background represents aggregated liquidity pools and global market microstructure, enabling precise RFQ protocols and robust price discovery within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-layer.jpg)

The deployment of a regulated Bitcoin ETP provides a foundational layer for institutional adoption and systemic market integration.

- 
### [What Constitutes Best Practices for Digital Asset Block Trade Reporting?](https://options.greeks.live/question/what-constitutes-best-practices-for-digital-asset-block-trade-reporting/)
![Abstract bisected spheres, reflective grey and textured teal, forming an infinity, symbolize institutional digital asset derivatives. Grey represents high-fidelity execution and market microstructure teal, deep liquidity pools and volatility surface data. This visualizes optimized RFQ protocols for multi-leg spread and atomic settlement within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-for-digital-asset-derivatives-execution.jpg)

Digital asset block trade reporting establishes transparent, auditable records for compliant, capital-efficient institutional execution.

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**Original URL:** https://options.greeks.live/question/what-kind-of-evidence-does-an-auditor-review-during-a-crypto-custodians-soc-2-examination/
