Gemini Successfully Passed Second Level of Security Exam

According to the Chainalysis report, in 2019 a large number of hacks of cryptocurrency exchanges were recorded. While crypto exchanges strengthen their security, hackers prepare their attacks even more thoroughly, although, as noted in the Chainalysis report, the amounts of stolen cryptocurrencies are noticeably reduced compared to previous years.

On Thursday, Gemini announced that it had passed an independent SOC 2 Type 2 security exam conducted by Deloitte consulting company. A year ago, Gemini already passed the SOC 2 Type 1 security exam. Last year, the cryptocurrency exchange also passed it.

The head of the risk department of the Gemini crypto exchange, Yusuf HUSSAIN, commented on the successfully passed security exam:

“Simply saying you are secure is not the same as demonstrating you are secure to an independent third party.”

In addition, the head of the risk department added that the Gemini crypto exchange will undergo SOC 2 Type 2 exam annually. In his opinion, this will provide additional guarantees for the protection of customers and their cryptocurrencies. Yusuf HUSSAIN also added:

“We feel that everyone should require these standards for any cryptocurrency exchange and custodian they use.”

Image courtesy of Crypto Line News