Jan 23, 2020
Gemini Completes SOC 2 Type 2 Examination — Another First in Crypto!
Gemini has completed its independent SOC 2 Type 2 examination, which covers the security compliance of our exchange and Gemini Custody™. This makes Gemini the world’s first crypto exchange and custodian to demonstrate the highest level of security compliance in the industry.
In January 2019, we became the first crypto exchange and custodian in the world to complete a SOC 2 Type 1. While a SOC 2 Type 1 evaluates the design and implementation of system controls at a point in time, a SOC 2 Type 2 evaluates whether these system controls have been operating effectively over 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!
At Gemini, trust is our product. Trust is built over time and it’s a function of doing what you say you are doing. Taking this further, simply saying you are secure is not the same as demonstrating you are secure to an independent third party. We feel that everyone should require these standards for any cryptocurrency exchange and custodian they use.
Going forward, we will be completing a SOC 2 Type 2 on an annual basis. We believe this kind of assurance, in addition to other safeguards we have implemented, such as digital asset insurance for our hot wallet and Gemini Custody™ helps protect our customers data and cryptocurrency and further our mission to empower the individual through crypto.
Onward and Upward,
Yusuf Hussain, Head of Risk