BlocksInform
Gemini, a New York trust company which is a foreign exchange office and an authorized cryptocurrency depository, today completed a Soc 2 – Soc review for Type 1 service agencies. It is an important step in security and compliance for the exchange and depository of cryptocurrencies.
A Soc 2 review is an independent assessment of the design and implementation of the system's safety controls.
The Type 1 Soc 2 review was conducted by a third party independent insurance provider, deloitte. The soc 2 type 1 report can be distributed via gemini to authorized users of the gemini system.
Gemini is the first foreign exchange office and custodian of cryptocurrencies in the world to demonstrate this level of security compliance. Deloitte's Soc 2 Type 1 ratio. Achieving this level of compliance across both our exchange and custody platform raises the bar for security and compliance standards of the crypto industry and is what retail and institutional consumers should require of any cryptocurrency exchange and custodian they do business with.”
Gemini’s SOC 2 Type 1 report is intended to meet the needs of users that require detailed information and assurance about the controls implemented within the Gemini exchange and custody platform. These audits were independently inspected to meet the American Institute of Certified Public Accountants (aicpa) Trust Services criteria.
Additionally, gemini says they stay "committed to getting its 2 type 2 soc, a higher level of security 2, in 2019 in order to further verify the effectiveness of its internal controls."
