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Gemini Cryptocurrency Exchange Gains SOC 1 Type 1 certification

Gemini cryptocurrency exchange and a custodian of digital assets secured another security qualification to demonstrate that its internal systems are in control and safe in the crypto marketplace.

In a blog post on April 21, the Winklevoss brother’s Gemini has announced about the success of completing the SOC 1 Type 1 examination- conducted by the Big Four accounting firm Deloitte & Touche LLP.

Gemini with this feat has become “the world’s first cryptocurrency exchange and custodian to demonstrate this high standard of financial operations compliance.” Yusuf Hussain, Gemini’s Head of Risk, noted.

Gemini has passed the SOC 1 Type 1 examination to ensure and maintain the trust of its customers. The review from the audit firm confirms the crypto exchange and custody platform is meeting all the high-security standards legally by covering all the financial operations and customer reporting controls.

The SOC 1 Type 1 examination bestows the organization an independent approach. It validates the company’s financial operations along with its customer reporting controls are in place and comply with the set standards of the American Institute of Certified Public Accountants.

In context with Gemini. SOC 1 Type 1 certification also ensures that:

“Gemini ‘s customer controls are designed to mitigate the risk of a significant error, omission, or data loss. By completing a SOC 1 Type 1 examination, our customers can confidently conduct, and subsequently attest to, their business on the Gemini platform,” Hussain mentioned.

Gemini Plans to Get SOC 1 Type 2 Certification 

As per the blog, Gemini has mentioned its plans to gain SOC1 Type 2 certification on an annual basis to motivate the crypto investors and traders to jump on the platform.

Moreover, while seeking the solution in providing customer data security and cryptocurrencies, Gemini has implemented the security standards to its hot wallet including Gemini Custody™ and crypto exchange.

According to the blog, the maintenance of high-security standards would enable Gemini to deliver the safety assurance to its customers and in a way, increase the crypto adoption by and large.

In Jan 2019, Gemini had achieved SOC 2 Type 1 certification and this year in Jan completed the examination of SOC 2 Type 2 to maintain the series of success and safeguarding customers belief.

“The certification is paramount to our mission to build the future of money,” Hussian said in Jan 2019, blog post.

Gemini is continually striving its efforts to gain the customer’s trust and enticing them to buy, sell, and store crypto assets in a protected and dependable platform.

Further, Hussian stated that SOC 1 is an internationally acknowledged excellence certification in the traditional financial and technology services industry, and Gemini is honoured to receive this recognition in the crypto space.

“The SOC 1 Type 1 is particularly important to our exchange operations, which execute a significant volume of complex financial transactions for our customers. The SOC 1 Type 1 validates the design and implementation of those operations and the integrity of their corresponding reports.”

Meaning of SOC 1 & SOC 2

SOC 1 review authenticates the internal controls of an organization are in place, relevant to a user organization’s financial reporting, and complaint to the set legal framework.

SOC 2 review ensures the organization is secure, available, maintain integrity, confidentiality and privacy of its user’s data.

Few More crypto companies Received SOC review

Ahead of rising criminal activities and frauds in the cryptocurrency market place, few more companies are taking precautionary steps to avoid any such harm to their platforms and in a way giving their crypto-focused platform a reliable tag.

In April 2018, BitGo- the blockchain security firm, collected a SOC 2 Type 1 certification from Deloitte.  

In Sep 2019, BitPay became the first blockchain payment processor to receive SOC 2 compliance certification.

Bitpay- the crypto payment service provider- received the security and confidentiality certification audit– The Service Organization Control 2 (SOC 2)- by the business advisory firm Apiro. Apiro performed the tech audit on Bitpay and confirmed the personal data is secure and confidential in the firms’ infrastructure.

Reportedly, in Feb, the two major security evaluations had achieved by crypto custody platform Coinbase Custody by Grant Thornton in SOC 1 Type 2 and a SOC 2 Type 2. 

Earlier KoinPost reported that Gemini had announced the listing of DAI (DAI), Chainlink (LINK), and Orchid (OXT) and people can start their deposits from Friday, April 24th, at 9:30 AM ET, with trading to follow shortly after that. However, the users (old and new) have to create the new Eth deposit address to deposit the recently added digital assets.

So far, the company has offered support of trading and custody to nine crypto assets. These are BTC, ETH, BCH, LTC, ZEC, BAT, DAI, LINK, and OXT