Gemini Trust Company, LLC (Gemini), a New York trust company that is a licensed cryptocurrency exchange and custodian, has completed a SOC 2 – SOC for Service Organizations Type 1 examination. This is a significant security and compliance milestone for the cryptocurrency exchange and custodian. A SOC 2 examination consists of an independent evaluation of the design and implementation of system security controls.
The SOC 2 Type 1 examination was performed by an independent, third-party assurance provider, Deloitte & Touche LLP, and covers the security and availability of Gemini’s exchange and custody platform. The SOC 2 Type 1 report can be distributed by Gemini to authorized users of the Gemini system.
“Gemini is the world’s first cryptocurrency exchange and custodian to demonstrate this level of security compliance. The SOC 2 Type 1 Report issued by Deloitte & Touche LLP further demonstrates our commitment to safeguarding our customer’s cryptocurrency and data,” said Yusuf Hussain, Gemini’s Head of Risk. “Achieving this level of compliance across both our exchange and custody platform raises the bar for security and compliance standards of the crypto industry and is what retail and institutional consumers should require of any cryptocurrency exchange and custodian they do business with.”
Gemini’s SOC 2 Type 1 report is intended to meet the needs of users that require detailed information and assurance about the controls implemented within the Gemini exchange and custody platform. These controls have been independently inspected to meet the trust services criteria established by the American Institute of Certified Public Accountants (AICPA).
Additionally, Gemini is committed to obtaining its SOC 2 Type 2, a higher level of SOC 2 assurance, within 2019 to further test the effectiveness of its internal controls.