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The crypto exchange Gemini, founded by brothers Cameron and Tyler Winklevoss, has completed a security compliance check for SOC 2 Type 1, according to an article published on their blog Medium on Jan. 29.
An organization subject to an Organizational Service Control (SOC) 2 audit aims to ensure that it meets the service criteria defined by the American Institute of Certified Public Accountants (AICPA). These criteria relate to privacy, security, confidentiality, processing integrity and availability standards.
According to this announcement, Gemini is the first in the cryptocurrency industry to undergo such an audit. The audit was conducted by the audit firm "Big Four", Deloitte, which examined the stock exchange application, the underlying infrastructure, the underlying customer database and the cryptocurrency storage systems. Gemini, which contain the keys to Gemini's online and offline portfolios.
Gemini also noted that, in addition to the SOC 2 Type 1 test, it would be subject to a SOC 2 review in 2019 to ensure increased compliance and a high level of security. He added that "this level of additional badurance will further validate the effectiveness of our internal controls".
In October 2018, Gemini signed an insurance cover for digital badet deposits with insurance provider Aon. Digital insurance coverage supplements the insured US dollar deposits already available from the Federal Deposit Insurance Corporation of the Federal Deposit Insurance Corporation.
Earlier this month, Gemini launched a new advertising campaign calling for better regulation of cryptographic space. New York City taxis and subway signs contained slogans such as "necessary encryption rules," while others claimed that "money had a future" and proposed Gemini's "encryption without chaos". Chris Roan, Marketing Manager at Gemini, has The Wall Street Journal:
"We believe that investors who enter cryptocurrency deserve exactly the same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols."
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