The Gemini crypto exchange today attained a certification that no other cryptocurrency platform has ever received.
The certification was after the exchange passed a Service Organization (SOC) Type 1 examination which was conducted by Deloitte & Touche LLP, one of the four major auditing firms in the world. Among other things, the SOC 2 examination tested whether the Gemini crypto exchange has put adequate measures to enhance know your customer (KYC), to thwart money laundering, and security of stored coins.
In a Medium post, Gemini said that:
“After months of preparation and in-depth external review, we are pleased to announce that Gemini has successfully completed its SOC Type 1 examination. This makes Gemini the world’s first cryptocurrency exchange and custodian to demonstrate this level of security compliance in protecting customer data and funds.”
The SOC 2 is a high-value review in the traditional finance and technology sectors. By passing this examination, the Gemini crypto exchange add to a previously acquired insurance policy which not only raises the trust levels among its users but also raises the bar a notch higher for other virtual currency platforms.
According to Yusuf Hussain, Head of Risk at the Gemini crypto exchange:
“This standard of compliance is what all retail and institutional consumers should expect of their cryptocurrency exchange and custodian.”
The Head of Risk added that a SOC 2 Type 1 review is just the beginning as they will be looking to undergo the SOC 2 Type 2 review before the year ends.
For Hussain, it’s better to show that crypto platforms are secure than just saying the platforms are secure without proof considering that cryptocurrency hackers have made way with over 1.5 billion U.S dollars worth of crypto from crypto exchanges.
Do you think the Gemini crypto exchange will see a rise in new signups now that it has passed a crucial test of security?
Let us know your thoughts in the comments section below.