Gemini Exchange Becomes First Crypto Custodian With SOC 2 Type 2 Compliance
Gemini Exchange has passed the SOC 2 Type 2 Deloitte evaluation which now provides authentication the exchange is secure.
Yusuf Hussain, the head of risk with the US based Gemini, had this to say about the evaluation and the announcement made on January 23:
“The Type 2 is the highest level of security compliance that any organization can demonstrate.”
Gemini Passed the SOC 2 Type 1 Inspection in 2019
While preparing Gemini had to pass the SOC 2 Type 1 evaluation, back in 2019. The inspection went well and was conducted by Deloitte, and Gemini passed it successfully. Hussain mentioned the accounting giant Deloitte had also completed the Gemini SOC 2 Type 2 inspection. Gemini is regulatory-focused and gives a lot of importance to security and to compliance with regulations. Hussain said it does things this way because it wants to gain its customers’ trust.
The Crypto Needs Rules Campaign
In 2019 Gemini launched a slogan called Crypto Needs Rules, putting them on placards and buses. Since the company is very aware how important protection is, Hussain had this to say about security in the crypto space:
“Doing security wrong in this industry will result in direct loss of customer funds.”
SOC 2 Type 2 Exam for Both the Investing and the Trading Platform
Hussain mentioned Gemini went through the SOC 2 Type 2 exam for both its investing and trading platforms, also for its custody services, pointing out that:
“We’re the only crypto exchange and custodian to demonstrate this level of security compliance of getting a SOC 2 Type 2.”
According to Cointelegraph, Gemini released a statement to them saying, the company plans to undergo the SOC 2 Type 2 evaluation each year from now on. Recently, it launched the insurance company Nakamoto, Ltd. for the crypto custody service it offers.