Deloitte & Touche Complete SOC 2 Security and Privacy Audit for Gemini Exchange
Deloitte & Touche is considered one of the “Big Four” auditing firms, which means that anyone who can pass their examination should be admired. Considering how the company often works within the traditional market, the fact that the Gemini crypto exchange just completed it is a feat in itself.
Gemini took to Twitter to announce their position as the
“world’s first crypto exchange and custodian to complete SOC 2 review,”
which checked the platform’s security and privacy protocols.
Even though many experts regard Gemini as an exchange that still is highly regulated, the fact that their platform is so secure should be a solace to anyone that wants to use it. Even though they have been hit with plenty of criticism of their regulations, that does not take away from this achievement.
— Gemini (@Gemini) January 29, 2019
SOC 2 exams were originally released in 2011 by the American Institute of Certified Public Accountants (AICPA). They were created as an extension of the pre-existing SAS 70 audits, checking the way that companies secure their networks, infrastructure, customer data, and finances.
Naturally, Gemini’s completion of the audit has led them to become an advocate for the SOC 2 exams to become commonplace and required of the cryptocurrency industry, following the same position that they’ve held in the traditional financial sector. Head of Risk for Gemini, Yusuf Hussain, said,
“We feel strongly that this standard of compliance is what all retail and institutional consumers should expect of their cryptocurrency exchange and custodian. We know what is at stake when you trade and store crypto. That is why, in addition to our SOC 2 Type 1 review, we are also committed to obtaining our SOC 2 Type 2 review in 2019. This additional level of assurance will further validate the effectiveness of our internal controls.”
Along with the promises made above, Hussain assured the publication that the exchange would undergo this type of review each year, raising the bar by example.
Perhaps their challenge will force other cryptocurrency exchanges to do the same, just as they hoped. With the SOC 2, Gemini has most likely confirmed its position as one of the safest platforms to exchange and interact on. While security for users is an incredibly important part of any business, the industry has proven repeatedly that it is not the only thing.
Cryptocurrency enthusiasts had their feathers ruffled by the recent “Crypto needs rules” ad campaign by Gemini that left New York City covered with the slogan.
However, most people that love cryptocurrency at its root understand that this type of action is what crypto enthusiasts are trying to avoid. The lack of control is what led most people to cryptocurrency in the first place.