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Leading cryptocurrency exchange Gemini has announced that it has completed a SOC 2 - SOC for Service Organizations Type 1 examination.
According to the American Institute of Certified Public Accountants (AICPA):
“SOC for Service Organizations are internal control reports on the services provided by a service organization providing valuable information that users need to assess and address the risks associated with an outsourced service.”
The SOC2 examination consists of an independent evaluation of the design and implementation of system security controls.
According to the official release, the SOC 2 Type 1 examination – performed by an independent, third-party assurance provider Deloitte & Touche – covers the security and availability of Gemini’s exchange and custody platform.
Gemini said that its SOC 2 Type 1 report is intended to meet the needs of users that require detailed information and assurance about the controls implemented within its exchange and custody platform. The SOC 2 Type 1 report can be distributed by Gemini to authorized users of the Gemini system.
Yusuf Hussain, Gemini’s Head of Risk, said that Gemini is the first cryptocurrency exchange and custodian in the world to demonstrate this level of security compliance.
“Achieving this level of compliance across both our exchange and custody platform raises the bar for security and compliance standards of the crypto industry and is what retail and institutional consumers should require of any cryptocurrency exchange and custodian they do business with,” he added.
Gemini said that it also seeks to obtain its SOC 2 Type 2, a higher level of SOC 2 assurance, this year in order to further test the effectiveness of its internal controls.
“Going forward, we will perform a SOC 2 examination on an annual basis in order to demonstrate our ongoing commitment to safeguarding your data and cryptocurrency,” Hussain wrote in an online post.
