Gemini crypto exchange has recently claimed to be the world’s first cryptocurrency exchange and custodian to pass security compliance and data protection audit by Deloitte & Touche LLP.
According to the company’s announcement, Gemini undergoes the System and Organization Controls (SOC) 2 Type 1 examination,
“SOC 2 examinations are specifically designed to address controls at a service organization relevant to the systems at the service organization used to process users’ data,” according to the American Institute of Certified Public Accountants (AICPA).
The audit was handled by “Big Four” auditing firm Deloitte, which covered the exchange application, infrastructure, underlying customer database and also cryptocurrency storage system that custodies the private keys of Gemini’s online and offline wallets.
Gemini is reportedly preparing for its SOC 2 Type 2 review in 2019. This will further confirm the validation of the effectiveness of their internal controls. The exchange also guarantees to take SOC 2 exams on an annual basis.
Earlier this year, a new ad campaign was launched, necessitating for better regulation of the crypto space. Banners and placards can be seen displaying slogans like “crypto needs rules” or “crypto without chaos.” Chris Roan, the head of marketing at Gemini, said to the Wall Street Journal: “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.”