According to news reports on Thursday, Gemini was founded by Cameron and Tyler Winklevoss, claiming to be the “world’s first” cryptocurrency exchange and custodian who completed the System and Organization Controls (SOC) 2 Type 2 examination.
In preparation for the SOC 2 Type 2 Examination, Gemini passed SOC 2 Type 1 in 2019, completed by audit giant Deloitte. Accounting behemoth has also completed Gemini’s SOC 2 Type 2 examination, Hussain mentioned.
“SOC 2 exams are specifically designed to address controls at a service organization relevant to the service organization’s systems used to process user data”, according to the American Institute of Certified Public Accountants (AICPA).
Gemini worked with Deloitte for both – the SOC 2 Type 2 and SOC 2 Type 1 exams. The company passed the Type 1 exam in January 2019. The SOC 2 Type 1 test, according to Gemini’s post, evaluate the design and implementation of system controls; meanwhile, SOC 2 Type 2 evaluate whether system control is working as required for a while.
A regulatory-focused company, Gemini places great importance on compliance and security to gain customers’ trust, Hussain explained.
Indeed, Gemini released an advertising campaign a year ago, in which one of the slogans appearing on buses and placards was Crypto needs rules.
Gemini said it would complete the Type 2 SOC 2 test on an annual basis. Earlier this month, Gemini launched Nakamoto, Ltd., an insurance company for cryptocurrency custody services.
Gemini crypto exchange completed a SOC 2 Type 1 security compliance review
Gemini cryptocurrency exchange, founded by brothers Cameron and Tyler Winklevoss, completed the SOC 2 Type 1 security compliance assessment, according to a post on January 29.
An organization undergoes a Service Organizational Control (SOC) 2 audit to ensure that it meets the service criteria set by the American Institute of Certified Public Accountants (AICPA). These criteria relate to standards of confidentiality, security, privacy, processing integrity, and availability.
Gemini was the first in the cryptocurrency industry to undergo such an audit. The audit is conducted by ‘Big Four’ auditing firm Deloitte, which reviewed Gemini’s exchange application, infrastructure, basic customer database, and cryptocurrency storage systems that hold the keys of Gemini’s online and offline wallets.
Read more:
- Australia-Based Raiz Invest Planning To Release A Fund With Gemini’s Support
- State Street Has Partnered With Gemini Trust For A New Digital Assets Trial