In a First For Crypto, Custodian and Exchange Gemini Passes SOC 1 Type 1 Examination
The exchange and custodian – Gemini – made the announcement on April 21 that they have concluded a Standard Financial Operations Compliance 1 Type 1, of which their client's controls and financial operations reporting were covered.
With this new examination, performed by Deloitte & Touche LLP, Gemini has become the first exchange and custodian in the world to comply with the very high standards when it comes to financial operations.
The SOC 1 Type 1 examination is conducted independently and validates that a company has its financial operations and reporting controls for mitigating the risk of data loss, omission or a significant error in place.
Gemini Brings a Standard of Excellence to the Crypto Space
SOC 1 is recognized on an international level in traditional financial services. Not to mention that it brings a standard of excellence to the crypto industry, overall. Here’s what the head of risk at Gemini, Yusuf Hussain, said in a blog post about Gemini completing this examination:
“By completing a SOC 1 Type 1 examination, our customers can confidently conduct, and subsequently attest to, their business on the Gemini platform.”
He added that the company executes many “complex financial transactions” for customers and that the examination was vital to both Gemini’s custody and exchange platforms. With the SOC 1 Type 1 now completed, the design, implementation, and integrity of transactions at Gemini are validated.
Gemini Will Conduct a SOC 1 Type 2
The same blog post signed by Hussain says Gemini will annually complete a SOC 1 Type 2 examination. The routine examination will verify if the custodian and exchange’s reporting controls and financial operations aren’t only properly designed and implemented at one point in time, but also if they were operating in an effective manner over an extended period of time.
Gemini Can Be Trusted
The SOC 1 Type 1 exam that the custodian and exchange have just passed indicates the company is striving to achieve the highest standards when it comes to financial operations compliance for its clients to be benefited.