Home
News
- Gemini, authorized cryptocurrency custodian and exchange has gained a novel security qualification, SOC 1 Type 1.
- As per an official announcement by the exchange, Gemini stated that the exam was conducted by Deloitte & Touche LLP that supported the platform to verify the genuineness of all financial operations and reporting controls regulating the exchange’s platform.
- As per the report, Gemini is the first in the industry to attain this level of operational compliance.
An authorized cryptocurrency custodian and exchange, Gemini has gained a novel security qualification, SOC 1 Type 1.
Gemini’s achievement on SOC 1 Type 1 examination
As per an official announcement by the exchange, Gemini stated that the exam was conducted by Deloitte & Touche LLP that supported the platform to verify the genuineness of all financial operations and reporting controls regulating the exchange’s platform.
The System and Organization Controls Examination, abbreviated as SOC, is required for the companies that operate on customer financial reporting. It was organized by the Deloitte & Touche LLP, which is one of the Big Four accounting companies.
As per the report, Gemini is the first in the industry to attain this level of operational compliance. The exchange revealed its excitement by sharing this news on Twitter, saying the company is proud to announce its successful completion of the SOC 1 Type 1 examination by Deloitte & Touche LLP.
We are proud to announce that we've completed a SOC 1 Type 1 examination by @Deloitte & Touche LLP, and are now the world's first #cryptocurrency custodian and exchange to demonstrate this high standard of financial operations compliance.
Read more here: https://t.co/C7uZuPRlOl
— Gemini (@Gemini) April 21, 2020
It further added that with this, the platform is now the world’s first cryptocurrency custodian and exchange to demonstrate this high standard of financial operation compliance.
Aiming to build users’ trust
Before this platform, the exam is mostly appeared by traditional financial institutions such as banks. The exchange further revealed that it would be examined for SOC 1 Type 2, but this time it will be completed yearly.
Some other Crypto firms have undergone SOC evaluation. Recently, the US-based crypto exchange, Coinbase, obtained a SOC 1 Type 2 and a SOC 2 Type 2. Also, a leading crypto payment platform BitPay compliance with the SOC 2 last September.
Through this approach, Gemini is aiming to build trust in the users by experiencing rough exercises to attain the top level of financial operation acquiescence.
