Gemini, a cryptocurrency exchange and custodian based in the US, announced yesterday that it has already completed the security compliance check conducted by professional auditing organization Deloitte.
Yusuf Hussain, the chief of Gemini’s risk management division, said in an interview that the exchange had passed two levels of examination, SOC 2 Type 1 and SOC 2 Type 2. Notably, the first evaluation was conducted in 2019. This initial test had given the company valuable insights about what they need to improve or upgrade when it comes to security compliance.
As emphasized by Hussain, Gemini deeply values regulations, security, and compliance. He noted that they had made all the necessary improvements to be able to meet the standards of SOC 2 Type 2. Notably, this type of Deloitte’s evaluation represents the utmost level of security compliance that any company could demonstrate. Hussain also boasts that Gemini becomes the first-ever cryptocurrency exchange and custodian to achieve a SOC 2 Type 2 certification.
Gemini’s commitment to following existing standards and regulations had been witnessed a year ago when it launched an advertisement campaign with a controversial slogan –“crypto needs rules.”
Hussain added that Gemini’s effort in terms of earning customer trust wouldn’t go to vain. Notably, the company believes that the lack of security and compliance is one of the reasons for the direct loss of client funds. To ensure that the company wouldn’t get off the track due to innovations and trends, Hussain said that Gemini has decided to undergo Deloitte’s examination every year.