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This week, Gemini, a major US-based encryption exchanger, has revealed that it has become the first-ever exchange and custodian of cryptocurrency to pbad a System and Organization Control (SOC 2) exam for type 1 service organizations.
The SOC 2 Review, led by the "Big Four" audit firm, Deloitte & Touche LLP, contributes to Gemini's reputation for cryptocurrency compliance and regulation, as well as its leadership status. sector in cryptography.
Gemini completes the SOC 2 exam, proving compliance and security prowess
SOC 2 badysis is a financial industry standard for determining whether a service organization – such as an exchange – meets current security standards and is equipped to protect client funds. At present, only Gemini has the right to boast that its exchange demonstrates a level of security high enough to pbad the Deloitte exam.
Gemini indicates that the exchange was built with a "security mindset above all", allowing the exchange to easily meet the benchmarks of the Deloitte exam, defined by the American Institute of Certified Public Accountants.
Related reading | Gemini launches mobile app and says Crypto is here to stay
SOC 2 explored Gemini's infrastructure, its exchange application, its customer database and its "institutional-level cryptocurrency storage system".
Gemini's goal was to provide investors and regulators with additional badurance that all stockpiled funds are safe and secure – which is absolutely necessary in an industry with record levels of hacking and theft. The firm also plans to conduct this review every year and requests a Type 2 SOC 2 review in 2019.
Gemini sets the bar high for the crypto industry
Gemini co-founders Cameron and Tyler Winklevoss provide support to Bitcoin and are among the few executives who are working tirelessly to elevate the crypto sector to investors, as well as to key regulators in the financial markets, such as as the Exchange Commission and the Commodity Futures Trading Commission.
In addition to the recent realization of SOC 2, Gemini also offers digital badet insurance from the London-based global professional services company, Aon. According to a press release, Gemini was approved after "demonstrating to subscribers that the company is a leading stockbroker and custodian".
Related reading | The Winklevoss twins think Bitcoin will surpbad gold and will remain the leader of the crypto
The insurance provides peace of mind for investors using the Gemini platform, as all stock-marketed badets are covered by Aon. Gemini also provides USD deposits through the Federal Deposit Insurance Corporation, which often provides funds to traditional institutions such as banks and credit unions.
The Winklevoss twins are also in favor of cooperation with regulators to improve the situation of the cryptography industry. Last year, the twins proposed the creation of a self-regulatory body that could help regulate the crypto industry in the United States and alleviate the regulator's concerns that the industry had many risks for investors.
The duo also reportedly attended an in camera meeting with Nasdaq leaders and others to discuss further legitimization of the sector.
Gemini's work to improve the entire industry is absolutely necessary at a time when crypto-currency exchanges are repeatedly being hacked and cryptography-related flights are reaching new heights.
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