US-based digital assets exchange Gemini has completed SOC 1 Type 2 and SOC 2 Type 2 examinations.
The Gemini team noted in a blog post published on January 19, 2021 that they’ve successfully cleared the SOC 1 Type 2 and SOC 2 Type 2 examinations, which covers their exchange operations and Gemini Custody products as well.
As confirmed by Gemini, the exams were carried out by Deloitte & Touche LLP and reportedly make the digital assets firm “the world’s first cryptocurrency custodian and exchange to demonstrate this standard of financial operations and security compliance.”
The cryptocurrency exchange and custodian stated:
“At Gemini, we aim to foster trust by demonstrating through action that as a company we follow through on the commitments we’ve made to upholding the highest levels of security and compliance for the benefit of our customers. We have done so by showing definitively through these independent third-party SOC evaluations that our operations and security compliance structures meet robust industry standards. We believe that these standards should be upheld by any cryptocurrency exchange and custodian.”
Gemini confirmed that in January 2019, they notably became the first digital asset exchange and custodian in the world to successfully complete a SOC 2 Type 1 examination, and followed it up with a SOC 2 Type 2 examination in January of last year. Gemini further noted that “building on these milestones, we completed a SOC 1 Type 1 examination in April 2020 and recently completed our SOC 1 Type 2 examination in December 2020.”
As explained by Gemini, the SOC 1 aims to assess or evaluate the overall design and implementation of their financial operations and related reporting controls, meanwhile, the SOC 2 aims to evaluate the effectiveness of the design and implementation of their “security, availability, and confidentiality controls.” As noted by the crypto exchange, the Type 1 examinations “assessed those processes at a point in time while our Type 2 examinations test that our system controls across our exchange and custody product have been operating over the period covering 2020.”
The US-headquartered firm confirmed:
“Gemini will continue to uphold the highest standards of security and operational compliance by undergoing SOC 1 Type 2 and SOC 2 Type 2 examinations on a yearly basis moving forward.”
As reported recently, Gemini, a New York Trust Company and Qualified Custodian, now has over $10 billion in digital assets under custody
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