Crypto exchange Gemini has announced that it has completed its SOC 2 Type 1 examination, and plans to obtain more security credentials by the end of the year. SOC 2 reports, known as Service Organisation Control, play a significant role in compliance and data security. They were originally introduced in 2011 by the American Institute of Certified Public Accountants (AICPA).
There are three types of SOC report, the second one is designed for the growing number of technology and cloud computing entities that are becoming very common in the world of service organizations. A SOC 1 report handles the financial transactions of a company, the SOC 2 reports on the security behind those transactions.
The Owners Of The Gemini Cryptocurrency Exchange
In a press release, Head of Risk, Yusuf Hussain, said: “This makes Gemini the world’s first cryptocurrency exchange and custodian to demonstrate this level of security compliance in protecting customer data and funds”. He added: “Our SOC 2 review , coupled with our digital asset insurance , is another step we’ve taken towards raising the bar for consumer protection, safeguards, and industry best practices”
The exam was carried out by Big Four auditor Deloitte & Touche and involved a review of Gemini’s customer database and storage system which houses the keys to user wallets.
“We feel strongly that this standard of compliance is what all retail and institutional consumers should expect of their cryptocurrency exchange and custodian”, said Yusuf Hussain. “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”.
Image: Burdun Iliya / Shutterstock.com