Gemini Becomes World’s First Crypto Exchange to Demonstrate Highest Level of Security Compliance

Gemini has said it became the world’s first cryptocurrency exchange and custodian to demonstrate the highest level of security compliance in the cryptocurrency industry with the completion of SOC 2 Type 2 Examination.

The progress is coming a year after Gemini became the first cryptocurrency exchange and custodian in the world to complete a SOC 2 Type 1.

The SOC 2 Type 1 examination, according to a post by Gemini, assess the design and implementation of system controls, whereas a SOC 2 Type 2 assess if the system control is working as required for a period of time.

“Upon the completion of our Type 1, we publicly committed to following through with a Type 2 examination and — working again with Deloitte & Touche LLP — we’re proud to have achieved this,” Gemini said in a release.

While the exchange will be working towards completing a SOC 2 Type 2 every year, the platform hopes to keep on protecting its customers’ data and cryptocurrency with the asset insurance for its hot wallet and Gemini custody.