Gemini becomes the first crypto exchange and custody service to complete the SOC 2 Type 2 security inspection.
U.S.-based crypto exchange and custodian Gemini has finished a SOC 2 Type 2 evaluation, proving the operation’s security.
“The Type 2 is the highest level of security compliance that any organization can demonstrate,” Gemini’s head of risk, Gemini Yusuf Hussain, told Cointelegraph in an interview about the Jan. 23 announcement.
Compliance focus
In preparation for its SOC 2 Type 2 evaluation, Gemini achieved its SOC 2 Type 1 inspection in 2019, completed by auditing giant Deloitte. The accounting behemoth also completed Gemini’s SOC 2 Type 2 inspection, Hussain mentioned.
A regulatory-focused company, Gemini places a high level of importance on compliance and security with the intent of garnering customer trust, Hussain explained.
Indeed, Gemini released an advertisement campaign a year ago, in which one of several slogans to appear on buses and placards was “Crypto needs rules.”
Noting the importance of protection, Gemini’s head of risk said, “Doing security wrong in this industry will result in direct loss of customer funds.”
Broad evaluation
The SOC 2 Type 2 exam includes Gemini’s trading and investing platform, as well as its custody services, Hussain said. “We’re the only crypto exchange and custodian to demonstrate this level of security compliance of getting a SOC 2 Type 2,” he pointed out.
Additionally, Gemini has plans to undergo a SOC 2 Type 2 evaluation every year going forward, according to a statement Gemini provided to Cointelegraph.
Earlier this month, Gemini launched Nakamoto, Ltd., an insurance company for its crypto custody service.
