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Cryptocurrency Exchange Gemini Passes SOC 2 Type 1 Security Compliance Review

New York-based crypto exchange Gemini has passed the security compliance and data protection audit. The company confirmed the financial evaluation process through a blog post on Jan. 29.

The establishment with its hard endeavor towards digital assets upgrading its maintenance standards, custody, and control features in the course of providing a user a safe and secure platform to buy, sell, and store their cryptocurrency which is the supreme factor to the mission of building the future of money.

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Gemini, the cryptocurrency exchange and custodian service platform founded by Winklevoss twins: Tyler Howard Winklevoss and Cameron Howard Winklevoss in 2014, and has been seen consistently working towards the process of meeting the regulations in providing fiduciary services to the crypto investors. Winklevoss twins have been proving themselves as reliable and responsible gurus for the upcoming fintech startups while respecting the stern regulatory framework of the nebulous industry.

The company says, “We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols.”

https://medium.com/gemini/gemini-completes-soc-2-review-a-worlds-first-for-a-cryptocurrency-exchange-and-custodian-d923790506d0

The blog reports that the organization has completed the Service Organizational Control (SOC) 2 Type 1 audit with an objective to confirm that it has met the service criteria set by the American Institute of Certified Public Accountants (AICPA). These criteria are related to standards of confidentiality, security, privacy, processing integrity and availability.

The company further mentions that with the intention to ensure high-security standards, accurate operations, dedicated security, and compliance measures, it would undertake a SOC Type 2 review in 2019.

“This additional level of assurance will further validate the effectiveness of our 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.”

https://medium.com/gemini/gemini-completes-soc-2-review-a-worlds-first-for-a-cryptocurrency-exchange-and-custodian-d923790506d0

In fact, last year in October, Gemini also acquired the digital insurance coverage from London based lending services firm Aon for custodied digital assets which are accompanied with the existing Federal Deposit Insurance Corporation-insured U.S. dollar deposits on the exchange.

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In the opaque crypto space where the regulations are still equivocal the importance of care, custody, and control is indeed a genuine step by the digital asset custodian service firm and in order to prove its uniqueness by successfully passing the SOC 2 Type 1 Security Compliance audit Gemini, Winklevoss twins marked a new line of investors trust and initiated the competitive differentiation for others to come in the space.