In a bid to establish its authority as one of the biggest players in the crypto space, leading cryptocurrency exchange and Bitcoin (BTC) trading venue, Gemini, the Winklevoss twins-led exchange, has become the first exchange to pass the Deloitte SOC 2 Type 2 security examination.
In a statement, released on its official website, the exchange reiterated the fact that no other exchange in the world has been able to match its feat in terms of the security of the crypto space.
What is SOC 2?
Service Organisational Control 2 is an internal control offering that utilizes the American Institute of certified public accountants (AICPA) standards to provide an audit opinion on the security, availability, integrity, confidentiality and/or privacy of a service organization’s control.
It can be applied for regulatory purposes to cover business areas outside of financial reporting. The report can then be distributed to customers and other stakeholders to demonstrate a focus on the system and processing control to meet their requirements.
Highest Level of Security
Commenting on the history-making feat, Gemini’s head of risk Yussuf Hussain stated:
“Type 2 is the highest level of security compliance that any organization can demonstrate.”
Hussain further noted that in the course of preparing for the SOC type 2 evaluation, Gemini achieved its SOC type 1 inspection in 2019 completed by auditing firm Deloitte.
Gemini places a high level of importance on consumers’ protection, security and most importantly compliance with laid down rules and regulations. The exchange is wary of rogue exchanges who go about its business without any form of respect to laid down rules by regulatory agencies.
To show its commitment towards achieving moderation in the industry, Gemini launched a campaign last year in which one of the several slogans to appear on buses and placard was “Crypto Needs Rules”.
Gemini to Protect Customers with $200 million
Gemini’s decision to comply with the rules and protect its customers is not a one-off situation as the company has set a plan in motion to protect the clients from any form of future loss.
Coinspeaker reported earlier in the month that the exchange has set up an in-house insurance company that will protect its clients from any probable loss of coins stored in its offline vault.
To protect the clients, the exchange is putting down $200 million to cover up for any form of loss and give consumers 100% satisfaction and more reason to trust the exchange above all others.
Author Osaemezu Ogwu is a cryptocurrency journalist with several years of experience in the crypto-verse.