Gemini cryptocurrency exchange has completed another security certification, the Service Organization Control (SOC) 1 Type 1 examination by Deloitte & Touche LLB.
Yusuf Hussain, the head of risk at Gemini, announced this achievement via a blog post on April 21.
Maximum security standard
SOC 1 certification is an international recognition in the traditional financial services industry. Bringing this same maximum security standards to the cryptocurrency industry is an excellent achievement for Gemini.
The attainment of a SOC 1 certification signifies that the customer reporting controls and financial operations of Gemini Custody and Exchange meet high standards. These standards are in compliance with the requirements set by the American Institute of Certified Public Accountants (AICPA).
Besides, the completion of a SOC 1 Type 1 examination grants the crypto exchange absolute trust and confidence from customers willing to conduct business on its platform. It also validates the operations carried out via the crypto exchange platform.
The report reads: “While vital to both our exchange and custody platform, the SOC 1 Type 1 is particularly important to our exchange operations, which execute a significant volume of complex financial transactions for our customers. The SOC 1 Type 1 validates the design and implementation of those operations and the integrity of their corresponding reports.”
Another first in the crypto space
The attainment of the SOC 1 Type 1 certification is a great milestone for Gemini in the cryptocurrency space. It has thus become the first cryptocurrency custodian and exchange to attain such a high standard of financial operations compliance.
Security has always been a core value of Gemini, borne by the fact of its previous SOC 2 Type 1 and SOC 2 Type 2 certifications. They were also the first in the cryptocurrency space to attain those standards.
The completion of the SOC 1 Type 1 certification is thus a logical culmination of Gemini’s stride towards achieving maximum security standards. This would greatly benefit their customers and build trust for their business.
Subsequently, Gemini plans on completing SOC 1 Type 2 examination on an annual basis. This would ensure effective management and continuous improvement of the exchange’s financial operations.
About Gemini Exchange
Gemini offers products and tools for businesses and individuals helping them manage and increase their cryptocurrency holding securely. The exchange reportedly considers itself as the bridge connecting present-day money with that of the future. That’s why since its inception in 2014, it has thrived in creating that transition for the future of financial transactions.
Recently, Gemini, along with other cryptocurrency firms, received a permit to operate in Singapore without obtaining a license. We had also covered the Nifty Marketplace launch last month. Earlier, the exchange had partnered with TradingView, allowing investors to buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.