In a blog post published by Gemini on January 29, the New York-based crypto exchange and custodian announced that it had secured a security and compliance landmark.
The American Institute of Certified Public Accountants (AICPA) defines the examination as, “SOC 2 examinations are specifically designed to address controls at a service organization relevant to the systems at the service organization used to process users’ data.”
The exchange platform completed the examination of SOC (Services Organizational Control) 2, an evaluation of the company’s design and execution of security controls. The controls are criteria set up by AICPA.
A part of their announcement read –
“After months of preparation and an in-depth external review, we are pleased to announce that Gemini has completed its SOC 2 Type 1 examination.” The announcement also stated, Gemini is the first cryptocurrency exchange and custodian to have completed such an examination.
The examination was conducted by ‘Big Four’ Deloitte & Touche LLP (Deloitte), which evaluated exchange’s application, infrastructure, underlying customer database, and cryptocurrency storage that holds private keys of Gemini’s offline and online wallet.
Gemini also stated that, in addition to the SOC 2 Type 1 test, the exchange is also committed to going through the SOC 2 Type 2 review in 2019; this is to ensure a high level of security in protecting customer funds.
Cameron Winklevoss, Co-founder of Gemini, shared the news on Twitter adding, “We have just added another layer of trust by becoming the world’s FIRST crypto EXCHANGE and CUSTODIAN to complete a SOC 2 Review by Deloitte.”
Co-founders at Gemini, Cameron and Tyler Winklevoss, are pushing for strict regulations for the industry that is surrounded mainly with scandals like manipulation and exchange of hacks.
The Winklevoss twins are also committed to obtaining the Bitcoin exchange-traded fund (ETF) approval from the Securities Exchange Commission (SEC). The approval seems to be on its way, as clearance of the SOC 2 examination has now provided the Commission a reason to grant the application.
In September 2018, the duo partnered with the New York Department of Financial Services (NYDFS) to launch the first regulated stablecoin.
Earlier in January 2019, in Reddit’s Ask Me Anything, the twins shared their goal by stating, “Our goal is to build Gemini into a Centurion — a company that lasts a for more than 100 years — that will help power the crypto revolution onward and upward and to the moon!”.