Gemini Completes SOC 2 Review - now offers increased security compliance

30 Jan, 2019 | Updated: 30 Jan, 2019
by Ryan Boltman
News
Gemini Completes SOC 2 Review - now offers increased security compliance

Gemini have announced the completion of SOC 2 Type 1 examination through big four auditor Deloitte & Touche LLP, making Gemini the world’s first cryptocurrency exchange and custodian to demonstrate this level of security compliance in protecting customer data and funds.

In a recent Medium post by Head of Risk Yusuf Hussain, he announced that Gemini had approach Deloitte to execute a SOC 2 Type 1 examination.

The process which commenced in 2018, has finally concluded with Gemini successfully completing the examination. Gemini becomes the "world's first cryptocurrency exchange and custodian to demonstrate this intense level of security compliance in protecting customer data and funds" Hussain wrote.

 Read More: Coinbase and Gemini will tell the IRS you bought crypto, Kraken holds out

Gemini now becomes the first digital currency exchange to offer both SOC 2 Review coupled with their asset insurance, making Gemini one of the most consumer friendly exchanges. Gemini's latest announcement "raises the bar for consumer protection, safeguards, and industry best practices"

Hussain explains that Gemini believe in a "security-first" mentality, focusing on ensuring that security is their number one priority to ensure the safety of funds and allow customers a safe place to trade cryptocurrencies.

The SOC 2 Type 1 examination covered reviews of Gemini's exchange application, infrastructure, underlying customer database, and cryptocurrency storage system that custodies the private keys of Gemini's online and offline wallets.

Hussain concluded "We feel strongly that this standard of compliance is what all retail and institutional consumers should expect of their cryptocurrency exchange and custodian. We know what’s at stake when you trade and store crypto. That is why, in addition to our SOC 2 Type 1 review, we are also committed to obtaining our SOC 2 Type 2 review in 2019. This additional level of assurance will further validate the effectiveness of our internal controls."

Read More: Fidelity planning on March launch date for BTC custody service

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Read more about: Gemini (GUSD)

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