Gemini Exchange proclaimed the successful fulfillment of a detached audit of SOC Type 2 security control systems. The audit was administered by Deloitte from the Big Four global checking firms.
Related: Gemini Exchange opens cryptocurrency asset insurance company
Tyler Winklevoss emphasized that Gemini was preeminent in the crypto space to pass the SOC 2 Type 2 exam as an exchange and custodian.
Trust is @Gemini's product. Today we continue to build trust by becoming the world's first crypto exchange and custodian to complete a SOC 2 Type 2 Examination! 👍🚀cc @Deloitte. https://t.co/3XCLi9JPkG
— Tyler Winklevoss (@tylerwinklevoss) January 23, 2020
According to the documents of the AICPA, SOC 2 audit is intended to study control measures in service planning systems employed to process user data.
A year ago, Gemini finished the Deloitte SOC 2 Type 1 Exam.
“While SOC 2 Type 1 judges the configuration and integration of control systems at a specific point in time, SOC 2 Type 2 checks to see if these systems have worked efficiently for a specific time,” described Yusuf Hussein, leader of Gemini Risk Department.
He added that in the future the exchange is going to be inspected annually.